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.

July 29, 2021July 29, 2021

2 Credit Issues That Federal Student Loan Debtors May Face

Important information to protect your credit score.

Consumers that owe federal student loan debts may soon face a higher risk of credit reporting damages and/or errors. Learn the 2 credit issues that federal student loan debtors may face. One potential credit reporting issue is related to Covid and one has nothing to do with Covid.

1. For many consumers, federal student loan payments will soon be required again

Due to the Covid pandemic, the Federal Government passed the CARES Act, part of which was related to federal student loans. As of March 2020, many federal student loans went into forbearance where no payments were required, and no interest was being charged. Currently, the forbearance and zero interest policies are due to end on September 30, 2021. I expect many consumers will face a higher risk of credit reporting issues due to the sheer number of loans going back into repayment at once along with all the potential special payment plans that are available on federal student loans.

2. Two large student loan processors are calling it quits

Loan servicers, Granite State Management & Resources and The Pennsylvania Higher Education Assistance Authority (PHEAA), which operates as FedLoan Servicing for federal student loans, recently announced that they are getting out of the federal student loan servicing space. Their servicing exit will lead to millions of consumers who are about to go back into repayment to have to worry about who their new loan servicer will be. Many may be faced with questions like the who, how, how much and when do they have to pay. Different loan servicers have different policies and procedures on how they accept payments. These can include mailing monthly statements, auto debits, online payments, or other options. In addition, different loan servicers have different policies and procedures on how and when consumers can seek other payment options as well as loan forgiveness. Getting a new loan servicer combined with all the millions of loans coming out of forbearance just sounds like the perfect storm for credit errors.

Prepare now to avoid problems in the future

Know who your loan servicer is and how to contact them. You can find your current federal student loan servicer at studentaid.gov.

If you have not been making student loan payments over the last year and a half or so, you may want to take a good look at your current budget. Make the needed adjustments to your budget so that you can have the needed funds to resume your student loan payments.

Know your payment options. Federal student loans have many special payment options for those who cannot afford the standard amortized payments. You can find a Loan Simulator at studentaid.gov or contact your servicer to determine your repayment options.

Tips on how to protect your credit.

I suggest keeping all correspondence, mail, email, text and even phone records, related to your federal student loans. Correspondence will confirm if you must make payments as well as the amount and due date of the required payments. If you are going back to making payments, keep a detailed record of any payments made. If you are setting up auto payments, confirm when the auto payment will start because in some cases, you may have to make a payment or two on your own until the auto payment is fully set up. If you are going back into forbearance, keep details on when the forbearance will end. If you get into an income-based program, keep details on when you must recertify your income. By keeping all your correspondence and detailed records, it can help you fix a credit issue/error should one exist.

Consumers would be wise to review their credit reports regularly to ensure that there are no credit reporting errors related to their federal student loans that will be coming out of forbearance soon. Consumers can access their credit reports for free at annualcreditreport.com.

How to increase your 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.

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.

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.

October 31, 2019

What is a SPOOKY Credit Score?

Happy Halloween all. We recently had a new credit repair client who said their current credit score was spooky and they no longer wanted to have a spooky credit score.

So what the heck is a spooky credit score? In reality, this client was just joking that their credit score was poor and they wanted better.

If I had to define a spooky credit score, I would call it a credit score that would produce less than the best credit approval and terms. Many consumers fail to understand that poor credit scores may lead to approvals but often these approvals come with higher interest rates and/or fees. In my business, this is often referred to as risk based pricing. Poor credit scores are considered riskier to lenders, landlords, insurance companies and others so credit providers typically charge more to offset the risk.

So, what to do if your credit score is spooky? The short answer is work on it. Pay all your bills timely going forward and try to keep your debt to a minimum.

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 affordable credit repair 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 click here to schedule a free program review. Like us on Facebook to receive future consumer credit tips.