Credit Reports?

[Jerry]

I didn't wish to hijack Aulds thread about credit card fraud, but has anyone else received one of these emails? My wife and I each received one, and I'm still not sure it is legit, or what to do about it. This isn't the whole email, just the intro.

NOTICE FROM FEDERAL COURT. PLEASE READ.
You may be eligible to receive a benefit from a class-action settlement if you purchased and paid for a credit score or credit monitoring from ConsumerInfo.com or an Experian Entity between June 17, 1998 and December 27, 2006.
A federal court has directed that this notice be sent to inform you of a proposed class-action settlement. Records show that you entered into an agreement over the Internet with ConsumerInfo.com or an Experian Entity to purchase any Credit Check or Credit Check Monitoring (which were formerly known as CreditCheck® Monitoring Service), Credit Manager (including Yahoo! Credit Manager), Triple Alert, or Triple Advantage credit-monitoring product, or you paid for a credit score sold on a website that also sold one of these credit-monitoring products, between June 17, 1998 and December 27, 2006. If so, you may be eligible to receive a benefit under the proposed settlement.
The settlement will resolve a lawsuit over whether Defendants violated the federal Credit Repair Organizations Act or are liable for claims where the stated basis is about improvement of a consumer's credit record, history, or rating. Under the settlement, Defendants deny that they are liable, but have agreed not to make certain statements on particular websites and to provide all Settlement Class Members with the opportunity to obtain their choice of a settlement benefit: either (i) a credit score or (ii) 60 days of credit monitoring, as described below and on the settlement website. To see if you are a Class Member and to obtain full notice of the proposed Settlement, the required procedures, the Effective Date, the deadlines, your obligations, and your options, you must visit www.browningsettlement.com. This email is only a brief summary of the full notice that is posted on the website.

[Kilted KT]

here is a link to a computer security article in the Washington Post about this particular email. They seem to think it is legit, but I suggest reading the article before entering any info.

http://blog.washingtonpost.com/securityfix/

THERE IS A CATCH!!!

here is a quote from the article regarding the free services you can get if you were involved...

"So, exactly what is this perk? It's 60 days of free credit monitoring service from Experian. If you don't cancel this "benefit," Experian will bill you $9.95 per month after the initial 60 days."

so be careful!

[auld argonian]

Hijack? Any discussion that helps keep other forum members from being screwed is a very welcome addition.

First, I was under the impression that email didn't count as legal notice. When we were closing on this house, we got hung up because someone faxed their power of attorney to their local representative and Illinois doesn't recognize a fax as being legal...with that in mind, I expect that an email is pretty much totally non-material. Thus, if I don't get it in the mail, I don't pay it any mind. With so much phishing going on, no legit company can expect you to deal with an email.

After I got called by Chase to let me know that the credit card had been compromised, I called them back...I initiated the contact...to be VERY sure that it was on the level...I'm sure that they were being customer-service-polite when they did it but they assured me that they were not the least bit offended by my paranoia.

We are going to run a credit check because of this as Sorcha suggested back in the original thread. I have heard that running excessive checks can actually bring your score down and that this was one of the reasons why you politely decline those store offers "...would you like to save 10 per cent on this purchase by opening a credit card account today?" Hopefully, one check won't affect things.

But beware those "free offers" that result in your getting into a monthly charge after the trial period has expired...I've had to zotz a couple of those. My cell phone company was charging for "roadside assistance" on all five phones on the plan...that made it very difficult for me to keep my cool while I called them and TOLD (not asked) them to remove it and rebate whatever they had collected so far.

Latin everyone should know: personna non grata, e pluribus unum, sic semper tyrannis and CAVEAT EMPTOR.

Best

AA

[ckelly327]

I spend a lot of my time on the computer and see way too many scams. While this one doesn't appear to be a true scam I just don't think that the value of any settlement is worth pursuing given the small amount and the potential for abuse. If you are only going to get about $10 worth of compensation then it is not worth pursuing. "Class Action" generally means that you will get next to nothing on something that has been going on for ten years. Just my opinion.

[Riverkilt]

Seems to me the legitimate notices of this type arrive by USPS snail mail rather than email....??

Ron

[MACKAY]

...I have heard that running excessive checks can actually bring your score down and that this was one of the reasons why you politely decline those store offers "...would you like to save 10 per cent on this purchase by opening a credit card account today?" Hopefully, one check won't affect things....

We can get into details and a long discussion on specifics, but I wanted to answer a quick fact.

Every time your credit file is accessed, the FCRA (Fair Credit Reporting Act) requires the credit bureau to record the event and report it on your credit report for two years, and to recorded the name of the creditor and the purpose for the pull (line of credit, credit card or loan, etc). These are called HARD pulls. They are HARD because they are visible to any creditor who accesses you credit report. The fewer PULLS , or "inquiries' you have, the better as each and every hard pull drops your overall credit score by 2-10 points. To get the best possible score you should have no more than two pulls per year. The more pulls, the more desperate for credit (or the potential for over extension of credit), the higher the risk, thus the lower credit score.

Well you ask, what about when you buy a home or car, there can be dozens of inquires or pulls - doesn’t' this sink my credit score? - Actually no, the credit score software (FICO) calculates that the purpose is a car or home loan, and all inquires for that purpose within a two week time frame count as only one inquiry.

Now there are also SOFT pulls, which are only visible to you when you obtain a copy of your credit report and have absolutely no impact on your score. These soft pulls are such things as existing creditors doing an account review (raising your limit, etc) and they want to see how you have been handling your credit since you first stated doing business with them). American Express is famous for canceling or suspending cards if you start getting into trouble with your credit (late pays on other cards, missed payments on other loans, etc. - this is perfectly legal, check your T&C info). These are also those pre-approved offers you get in the mail, etc.

Bottom line is that YES, you can impact your score by just applying for credit. Only apply for what you need, when you need it.

Note: I do a LOT of credit repair / clean up / debt reduction and settlement advice for people - I do not charge any fees - I am not a lawyer and do not provide legal advice - I only provide educated opinions based on results from personal experience, education and research in this area for those who ask.

Brian

[davedove]

Please note that every US citizen is entitled to a FREE credit report every 12 months.

https://www.annualcreditreport.com

You can of course get them more often, but the extra ones cost.