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Just general question(s)
I am hoping that I am posting these questions in the correct area. But I read the changes that are coming for the three credit bureaus and the changes seem to be a good thing because any change is a good change.

So now on to my questions, is there any changes on the horizon that focuses on stuff that punishes people on a daily bases like:

What is the logic behind an inquiry soft or hard that will stay on the credit report for two years? Because if the consumer applies for a watch and then gets denied that will haunt you for the next two years that is so excessive. I understand that you should only apply for credit when you really need to, but people try anyway and now the consumer has been punished, so why not just one year versus the two?

Why are companies allowed to report to the credit reporting agencies when accounts go bad but are not forced to report the activities during the life of the account? Meaning utility companies do not report any transactions that have taken place during the life cycle of the account, but if there is a final balance on the account and the consumer fails to pay that failure to pay hits the credit report, but nothing else?

Will there ever be a bill passed that all of the third party credit reporting companies use the same formulas? Like as an example if I sign up for the free services that are out there they all have completely different results so as a consumer how do we know the correct number?

How did the length of time get determined for the period that an old trade line is reported on the credit reports? Meaning, if an account was paid on time with no issues and then closed by the consumer why 7 to 10 years, the account is closed?

When an account is transferred to a different lender why are the old trade lines removed? As an example, if a consumer has a student loan(s) and those loans are transferred to a different servicer the original lines are still reported so now it looks like the consumer has four loans, and if transferred again now the consumer has six loans. And if anything is reported different from one servicer to the next then they are looked at as six different loans?

When a consumer misses a payment on an account the consumer loses a hefty amount of points, but if the missed payment was on the fault of the reporting company once corrected those points never get returned and that is not really fair to the consumer, is there some reason for that logic?

Unless applying for a job that is high end or deals with cash, why are employers allowed to pull credit reports? A potential employer should not have access to a consumers credit report because what is in the report should not be a determining factor for the skill set of a future employee. There should be a third party setup to pull and review the reports not the direct employer, because once the employee has been hired by the company now the HR/Payroll department has the unspoken ability to disclose a consumers credit history to other members of management and then at any given time that information can get repeated to a non-member of management?

Will the rules change for auto dealers, meaning if a consumer applies for a vehicle the loan is shopped which in turns causes multiple inquires on the credit report and loss of points which once again the consumer will have to wait to gain back those points, this should change there should be one central location that once one of the dealers in the group pulls the report all lenders should get there data from there versus having the seven inquires on the report.

I will stop there and thanks for reading my post.


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Inquiries matter because exceessive credit seeking is risky behavior.  If inquiries are getting cited as a denial reason for you then you have bigger issues with your credit that need to be addressed as inquiries are a relatively small factor and their efects taper and fall off relatively quickly.

Utilities are not credit.

There's no such thing as a "correct number".  Creditors determine the underwriting criteria for their products and they are the ones that drive the need for different scoring models.  There is no single credit score used by all creditors and there will never be one because creditors place different weights on different factors.  As just one example, a creditor issuing a credit card is going to have different concerns than a creditor issuing a mortgage.  Instead of relying on numbers learn to assess your own reports.  Any score is generated based on the data in a report.  Good reports will lead to good scores.  If you insist on fixating on the numbers then if you want to know what score a creditor will pull for you then you need to know the specific scoring model and CRA used.  Even then, not all scores are available to consumers.

The CRA's do not generate scores used by creditors anyway.  Most creditors use a FICO model which is a product FICO, not the CRA's.

No idea on the falloff of closed accounts.

Accounts aren't removed when transferred.  You point this out in your own question.

Your question on missed payments makes no sense.  A late is a late and is reported if the consumer is late.  If the late is incorrect and corrected then the score will update when the late is addressed and removed.

No idea on credit pulls for employment.

Auto loan hard pulls that are properly coded within a given timeframe are considered as a single pull for scoring purposes.  However, they will report separately.  Again, hard pulls are a relatively small factor.  If pulls are an issue then one has bigger issues with one's credit.

This really isn't a suitable venue for such a discussion.  Trry a credit discussion forum site.  We're all stuck with the same playing field regardless of the why behind things.

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