Pulling Your Credit Report
Q: My job is in the credit field, and I look at people's credit reports (or a summary thereof) every day, but still, I was trained with the knowledge I need to do my job, and not more. In this case, I want more, and I'm sure someone on AFCA would know. Why are some people so deathly afraid to have their credit report pulled? Does it lower your Fair Isaac, Beacon, or any other credit-scoring method so very much if an additional credit report is pulled? Working bank cards, I've had people ask me for credit-line increases, then withdraw their requests when they learn it will involve a credit check. Working student loans, I've had people beg me for a way to apply for our private loans (which are credit-based, fer chrissake) without pulling a credit report. What is the fear factor here? Is it an irrational fear based on emotion, like people's fear of flying right after the 2001 terrorist attacks was, or is it something with more substance?
A: People don't like the idea that there's a record of them that's getting consulted: makes them feel like they're at a disadvantage, perhaps? Like so many comlex situations it probably revovles around several factors. The FICO score is a real issue for some since if a lot of entities start pulling your report it can have a reasonable effect. It's been my experience that most people do not really understand how the scoring works so paranoia can have a big effect. Fear of the unknown. So much of personal credit is nebulous to the vast majority. Privacy fears are also pretty invasive from a personal comfort standpoint. If you've seen you report it often