Fedora Linux Support Community & Resources Center

Go Back   FedoraForum.org > Community Lounge > Wibble
FedoraForum Search

Forgot Password? Join Us!

Wibble A place to have a sensible chat, about anything non linux related. Please remember that political and religious topics are not permitted.

Reply
 
Thread Tools Search this Thread Display Modes
  #1  
Old 15th September 2017, 06:56 AM
tashirosgt Offline
Registered User
 
Join Date: Aug 2004
Posts: 4,037
linuxfedorafirefox
How do credit rating agencies like Equifax obtain "personal information"?

How do credit rating agencies obtain people's "personal information" in the first place? Do credit card companies give it to them based on what people reported in their credit card applications?

For example, suppose a person applies for their first credit card and makes the error of giving an incorrect social security number. Do the credit rating companies have any way of detecting such an error?
__________________
"Never let the task you are trying to accomplish distract you from the study of computers."
Reply With Quote
  #2  
Old 15th September 2017, 07:30 AM
antikythera Offline
Administrator
 
Join Date: Dec 2013
Location: United Kingdom
Posts: 5,074
windows_98_nt_2000chrome
Re: How do credit rating agencies like Equifax obtain "personal information"?

from the equifax blog. Basically all information credit agencies hold is reported to them by financial institutions. so if you default on a loan and/or have a county court judgement, have been declared bankrupt or move to an address where someone who lived there previously did, you get a bad rating. the financial institutions only report the bad markers on people and addresses, so the less you get in total, the higher the score.
__________________
Download, Install and Share Fedora - Official ISO Torrents | Live ISO Respins containing post-release updates
Reply With Quote
  #3  
Old 15th September 2017, 10:17 AM
bob's Avatar
bob Offline
Administrator (yeah, back again)
 
Join Date: Jul 2004
Location: Colton, NY; Junction of Heaven & Earth (also Routes 56 & 68).
Age: 72
Posts: 23,295
linuxfedorafirefox
Re: How do credit rating agencies like Equifax obtain "personal information"?

Whenever you open an account at any credit source, such as Mastercard, Visa, Discover or any store account, your information and that account status is automatically sent to the three major credit rating agencies, Transunion, Equifax and Experian.

As you can imagine, your name is not unique, so the information sent also includes social security numbers, addresses and dates of birth. Based on your payment history, amount of credit used vs. credit limit, number of inquiries and number and type of credit opened, you're assigned a variable credit score.

Yes, there can be errors on credit reports from inaccurate information on credit applications, for instance I'm shown to have a previous address in North Carolina, where I've never lived, however years ago I did cosign for a son who lived there. The error cannot easily be corrected, by the way and the credit raters only report what's there and show little concern for such issues. As you can see from Transunion's site, they're really interested in errors in ratings, not personal information: https://www.transunion.com/customer-support/contact-us
__________________
Linux & Beer - That TOTALLY Computes!
Registered Linux User #362651


Don't use any of my solutions on working computers or near small children.
Reply With Quote
  #4  
Old 15th September 2017, 02:40 PM
tashirosgt Offline
Registered User
 
Join Date: Aug 2004
Posts: 4,037
linuxfedorafirefox
Re: How do credit rating agencies like Equifax obtain "personal information"?

Quote:
Originally Posted by antikythera View Post
or have a county court judgement, have been declared bankrupt
Those events are a matter of "public records", but I assume state and local governments are not obligated to report to credit rating agencies. So do the credit rating agencies have means of electronically searching public records ? - are these means available to any citizen?
__________________
"Never let the task you are trying to accomplish distract you from the study of computers."
Reply With Quote
  #5  
Old 15th September 2017, 02:48 PM
tashirosgt Offline
Registered User
 
Join Date: Aug 2004
Posts: 4,037
linuxfedorafirefox
Re: How do credit rating agencies like Equifax obtain "personal information"?

Quote:
Originally Posted by bob View Post
Whenever you open an account at any credit source, such as Mastercard, Visa, Discover or any store account, your information and that account status is automatically sent to the three major credit rating agencies, Transunion, Equifax and Experian.
That's what I guessed. The fact that you grant permission for them to do this must be part of the fine print in the "terms and conditions" of the application.

What would it take to for a company to become a "major" credit rating agency? Would you have to pay the credit sources a fee?

Since credit rating agencies hold detailed information about citizens, I'd think that some national security agency of the government would be regulating them.
__________________
"Never let the task you are trying to accomplish distract you from the study of computers."
Reply With Quote
  #6  
Old 15th September 2017, 02:49 PM
antikythera Offline
Administrator
 
Join Date: Dec 2013
Location: United Kingdom
Posts: 5,074
linuxchrome
Re: How do credit rating agencies like Equifax obtain "personal information"?

the records are accessible but you have to make a request, wait for it to be approved subject to ID checks and if it is, pay for the privilege of viewing them.
__________________
Download, Install and Share Fedora - Official ISO Torrents | Live ISO Respins containing post-release updates
Reply With Quote
  #7  
Old 15th September 2017, 03:27 PM
tashirosgt Offline
Registered User
 
Join Date: Aug 2004
Posts: 4,037
linuxfedorafirefox
Re: How do credit rating agencies like Equifax obtain "personal information"?

Quote:
Originally Posted by antikythera View Post
the records are accessible but you have to make a request, wait for it to be approved subject to ID checks and if it is, pay for the privilege of viewing them.
"You" (i.e. you and I ) would have to do that, But do the credit rating agencies have some way of searching public records that you and I don't have?
__________________
"Never let the task you are trying to accomplish distract you from the study of computers."
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
cannot update anymore: "Failed to obtain the transaction lock (logged in as: root)" roberto68 Using Fedora 1 20th July 2016 07:50 AM
f15 network install stuck on "retrieving installation information" Carrot Cruncher Installation, Upgrades and Live Media 2 31st October 2011 04:09 PM
Evolution: Two Personal Contacts on "This Computer" johnhhiatt Using Fedora 4 5th May 2011 12:08 PM
Error "unable to read group information from repositories..." peter_george Installation, Upgrades and Live Media 8 15th October 2009 05:19 AM
Error:visibility arg must be one of "default", "hidden", "protected" or "internal" wangfeng Using Fedora 0 23rd May 2005 04:59 AM


Current GMT-time: 07:03 (Thursday, 19-10-2017)

TopSubscribe to XML RSS for all Threads in all ForumsFedoraForumDotOrg Archive
logo

All trademarks, and forum posts in this site are property of their respective owner(s).
FedoraForum.org is privately owned and is not directly sponsored by the Fedora Project or Red Hat, Inc.

Privacy Policy | Term of Use | Posting Guidelines | Archive | Contact Us | Founding Members

Powered by vBulletin® Copyright ©2000 - 2012, vBulletin Solutions, Inc.

FedoraForum is Powered by RedHat