Consumers Apply for Loans WITHOUT Knowing

Did you ever hear the saying that nothing is free?

Name: Cure My Score
Address: 1500 Ellsworth Ave, Suite 205R, Carnegie, PA, 15106
Telephone: 412-564-5370

Every consumer should be very careful on providing the numerous free credit/lending websites their personal information. So many consumers fail to understand that with the exception of annualcreditreport.com, most, if not all, of the free credit/lending providers are actually marketing companies. These marketing companies use your personal information to make you credit offers; they then make money when you apply for and/or open new credit. Seeing that I educate consumers on how to improve their credit, I subscribe to a number of these free sites purely to understand how they operate so I can better warn consumers of some of their pitfalls. I now get MANY emails daily about applying for loans, getting out of debt, how to better manage my money and how my credit score changed. REALLY? I have an A+ credit score and I have no revolving debt. I have ZERO need for these companies’ advice. Since I know better, these marketing companies don’t make money off of me.

At Cure My Score, we often have clients who complain about having unauthorized credit inquiries. At times, they fear their data was hacked and an ID Thief was trying to steal from them. Perhaps all they did was unknowingly apply for credit?

Below is a photo from an email I received today from one of these free web marketers. I cut off the bottom of the email where in part, it displayed my entire name, address and the month and year of my birth.

As a consumer, I have a number of issues with this email, as well as with the many other similar emails I get daily.

I never asked for, needed or requested money from this site. I find it odd asking me if I still need money. I assume they want the catchy question in LARGE PRINT as well as the email subject line.
If I were to click on any dollar amount in this email, whether by accident or out of curiosity for more information, they will consider that single click as an application. They may instantly send my personal information to up to 5 lenders who can then obtain my credit and solicit me with loan offers.
In the fine print of this email it discloses “In order to provide you with an expediated loan process, we are submitting the following information to our network of lenders:”, they then display my name, address and birth date.
In the super fine print it states “By using 1-Click and clicking on a loan amount above, you consent and agree to the following:”; part of this consent is agreeing that to up to 5 lenders may obtain my credit report or other infromation from the credit bureau(s) about me.
The email itself provides a great deal of my personal information. If my email were to be hacked, I would not want a hacker to have access to this email containing my personal information.

I don’t want a marketing company to send my personal information to their “network” of lenders.

I don’t know if this network of lenders will make hard credit inquiries which will hurt my credit score nor do I know what they will do with my personal information.

Let me be very clear, if I want to borrow money for any reason, I will choose the bank I want to deal with and inquire about any loan options that serve my needs. If I then decide to request a loan, I will take the few minutes that it takes and apply for it and knowingly give consent to have my credit pulled. I will know what bank I am dealing with and who I am choose to share my personal data with.

If you provided your personal information to any of these free websites, you have the option to contact them and unsubcribe to their services. Some of the free websites that give your regular access to your credit reports can be beneficial if you are in the process of repairing your credit. If this is the case, consumers should be very careful on what links they click.

CREDIT REPAIR HELP IS AVAILABLE.

If your credit needs some help like this client, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional credit repair company like CureMyScore.com for help. By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or schedule a free program review. Like us on Facebook to receive future consumer credit tips.

October 8, 2020July 29, 2021

Top 2 Covid-19 Credit Reporting HOT SPOTS

Review your credit reports for credit damage from Covid-19 related payment plans.

Covid-19, first your health and now many consumers have to worry about their credit.

You are doing your part by social distancing, keeping good hygiene and wearing your mask in public but you would be wise to add one more task to your new normal; review your credit report for errors. Every consumer should be aware of some credit reporting hot spot issues that are happening as a result of Covid-19. Many consumers are finding credit issues that are leading to lower credit scores and/or other denials of credit. Consumers can obtain their credit reports for free at www.annualcreditreport.com. Typically, these are only available once per year but now, due to Covid-19, they are available WEEKLY through April 2021.

So what exactly should you be looking for?

If you have continued to fully pay all your obligations on time, your credit report should not report any recent late payments or past dues. You would be wise to also be on the lookout for any comments on your credit reports that may give a lender the impression you are not paying your obligations as normal. I recently spoke to a young business professional who never missed a payment to anyone nor did she make special payment arrangements with any of her creditors. After applying for a mortgage, she was shocked to find out that her auto lender reported a comment of “Affected by natural or declared disaster”. She had no idea how or why this wording was reporting. She explained that not only did she pay her auto on-time, she was actually paid a month in advance. Sadly, she was advised that this comment would lead to a denial with underwriting as the wording indicates she was not paying the account as agreed.
Many consumers have not been able to fully pay their obligations on-time and have made special payment arrangements with their creditors. Often, these special payment arrangements include either a forbearance or a deferment. It is very important to get any special payment arrangements in writing so you have proof should you need it later. The credit system has specific coding for your creditors to use to indicate these types of special payment arrangements. This coding only works if your creditor reports it correctly. If you are in such an arrangement, you want to make sure your creditor is not reporting any late or past due payments on your credit report during the time you are in a special payment arrangement. Reporting of any recent late payments will be detrimental to your credit score and credit profile.

What do I do if I see such an error on my credit report?

You have the right to dispute any information that you feel is not accurate on your credit report. It is my experience that it’s best to file disputes in writing and if you choose, you can include any supportive documentation. The credit report you obtain from www.annualcreditreport.com will contain additional information on how you can file a dispute.

How to raise credit score.

If your credit needs some help, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional credit repair company like CureMyScore.com for help. By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or schedule a free program review. Like us on Facebook to receive future consumer credit tips.

March 31, 2020December 14, 2021

COVID-19 and Forbearance – How to PROTECT your credit

How to avoid credit damage and the need for credit repair.

COVID-19, otherwise known as the Coronavirus, is causing many consumers to have disruptions in their income.

Many of these consumers are facing financial hardship and may have options available to help them alleviate financial stress during these uncertain times. Creditors may offer debtors who are facing a financial hardship a forbearance option to help out. It is important for those with debts to understand what a forbearance is, how can it help them, and how it will it impact their credit.

What is forbearance?

A forbearance is when your lender approves to temporarily postpone, suspend or pause all or part your payment obligation(s). Keep in mind that it is common for your interest to continue to accrue during any forbearance period and your loan balance may increase. Due to the current heath pandemic we are facing, some lenders are offering exceptions and are eliminating interest charges during any forbearance periods. It is vital to call your lenders to see what help is available. It would be wise to document, in writing, any forbearance and/or interest exceptions you get. Keep all correspondence, including emails and texts, and written notes in a safe place in case you need them at a later date.

How can forbearance help you?

In times of a financial hardship, the ability to forbear an obligation may help you maintain other vital living expenses. As an example, by forbearing a mortgage, automobile or student loan payment during a financial hardship, you can use those funds for basic necessities like rent, groceries or utilities.

Will a forbearance impact your credit score?

If you are required to make reduced payments during any forbearance period, you must make these payments timely or you should expect your credit score to suffer. The credit reporting system has special coding for lenders to identify an account that is in forbearance. The presence of such coding is not derogatory to your credit score.

If you are facing a financial hardship, speak to your lenders and ask them what options they have available to help you. If you qualify for forbearance, you should be able to avoid any credit damage. It is very important to get any forbearance agreements in writing, and keep them, in case your lender does not report your account accurately to the credit reporting agencies. Should errors occur, any written correspondence will help with repairing your credit.

Cure My Score is a full service credit restoration company that has been helping consumers with successful and affordable credit repair since 2008. If your credit needs some help, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional credit repair company like CureMyScore.com for help. By taking action to improve your credit, you may qualify for the home of your dreams or a new automobile while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or schedule a free program review. Like us on Facebook to receive future consumer credit tips.

March 19, 2020December 14, 2021

Coronavirus Scammers Are Here. Be PREPARED

people are scammed leaving them with bad credit and in need of credit repair.

Scammers stop at NOTHING to steal from others. The best prevention is to be prepared. It is in great disgust that a blog like this is needed.

As of today, everyone in the entire world is likely aware of the global disruption, fear and uncertainty the Coronavirus pandemic is causing. With the Federal, State and Local Governments plans for aid continuously changing, it is causing much confusion over what is fact versus fiction. With all of the confusion, many consumers are desperate to find updates or help. Scammers will look to take advantage of this confusion and will continuously find new ways to scam innocent people.

Consumers should be VERY careful to avoid scams. Scams can make a bad situation much worse.

Watch out for:

Unsolicited emails asking you to click on links to apply for government benefits, temporary work or to make donations to charities.
Phone calls asking you for your private information in an effort to offer you government benefits or jobs. Keep in mind that scammers can even alter the caller ID.
Door knockers claiming they work for the government or are collecting for a charity.
Offers to buy special drugs or products stating you can avoid the virus.
Offers that make you pay ANYTHING to qualify for any government benefits.

If you need a job now, be sure to submit an application at a verified company website or in person. If the government approves aid to consumers, they will provide details on how and when the aid will be distributed and you certainly will not have to pay anyone to get it. If you want to donate to a charity, do your homework first and donate to a real charity of your choice in a secure way.

Sadly, scammers often prey on the elderly. Please warn all of your family and friends to be extra vigilant. Don’t act on anything too fast; take the time to think about or investigate anything that looks out of place. If anyone or anything tries to get you to rush into an action, take a BIG step back and consider your options. If you feel you’re being scammed, report it to the Federal Trade Commission.

Please follow these tips to keep you and your family away from being scammed. Follow the safety health tips from the Centers for Disease Control and Prevention and stay safe.

PS During the time I was typing this blog, I received an email stating that I must pay the sender $4,000 in bitcoin today or they will “iηfect your whole family with the CoronaVirus, reveal all of your secrets. There are countless things I can do.” Needless to say, I will not be sending this lowlife any bitcoin.

If your credit needs some help, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional company like CureMyScore.com for help. By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or schedule a free program review. Like us on Facebook to receive future consumer credit tips.

August 1, 2019September 3, 2019

Free $125 from Equifax?

Photo of money we would all save by protecting our credit score.

I hope you didn’t have plans for the $125 you may be entitled to as part of the Equifax $700 million dollar settlement. As of today, the court has not even approved the Equifax settlement related to their September 2017 data breach that exposed sensitive personal data on approximately 147 million consumers and already their settlement is causing confusion.

According to the FTC , consumers are flocking to Equifax in droves to claim their free “up to $125” which is to be set aside as an option for consumers to take in lieu of free credit monitoring. So what’s the catch and how much will you actually get? Let’s do some math; this portion of the settlement will contain approximately $31 million dollars. If all 147 million consumers affected choose to take this cash offer, each consumer would get:

$31,000,000 ÷ 147,000,000 = $0.21 (far less than $125)

Before acting, understand what is available and what future rights you may be giving away. Equifax provides a good deal of information related to consumer’s options on their website. As with anything, read all of the information.

I will update this settlement once the court approves it.

If your credit needs some help, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional company like Cure My Score for help. By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or schedule a free program review. Like us on Facebook to receive future consumer credit tips.