Posted on 02/20/2005 9:03:01 AM PST by LouAvul
LOS ANGELES (AP) - When he tried to refinance his home with a low-interest loan three years ago, Alan R. Sporn says he was turned down because Home Depot's repeated inquiries about his financial status had damaged his credit rating.
Now it's likely he'll be able to pay off all his loans after an appeals court upheld a $930,000 damage judgment against Home Depot that, with interest, now stands at $1.15 million.
........snip.........
After he was turned down for the loan on his Laguna Hills home, Sporn said he learned Home Depot had contacted credit agencies about his finances at least a dozen times in the previous year. When he asked why, he said, he was told someone in Virginia was using his Social Security number to apply for credit with Home Depot, but the company wouldn't identify the person.
When he asked the company to stop the repeated checks, Sporn said he was ignored.
Home Depot continued to ignore him, even after he filed suit in 2002, Sporn said, so he sought a default judgment. After one was awarded, for $930,000 in damages plus 10 percent annual interest, he said the company still ignored him - until he tried to collect the money last year.
(Excerpt) Read more at sacbee.com ...
Already posted yesterday:
http://www.freerepublic.com/focus/f-news/1346814/posts
Damn Home Depot!
Since Nardelli took over, the company is going to hell in a handbasket.
See also, yesterday:
Credit Scam Victim Nails Home Depot
(Corporate Cluelessness And Arrogance Alert)
http://www.freerepublic.com/focus/f-news/1346814/posts
reguires log-in. Can't you post the whole article?
So9
..credit checks should be with written permission only. Afterall it's our information. If they want access they need to ask.
This story aside, I don't understand why having too many credit inquiries would negatively effect your credit. Logically, your credit score should be based on your financial status.
"..credit checks should be with written permission only."
Jeez, I thought that was law. Does it depend on the state or something?
Because inquiries indicate the person may be looking to rack up a lot of as yet unreported debt.
THE FAIR CREDIT REPORTING ACT
§ 604. Permissible purposes of consumer reports [15 U.S.C. § 1681b]
(a) In general. Subject to subsection (c), any consumer reporting agency may furnish a consumer report under the following circumstances and no other:
(1) In response to the order of a court having jurisdiction to issue such an order, or a subpoena issued in connection with proceedings before a Federal grand jury.
(2) In accordance with the written instructions of the consumer to whom it relates.
(3) To a person which it has reason to believe
(A) intends to use the information in connection with a credit transaction involving the consumer on whom the information is to be furnished and involving the extension of credit to, or review or collection of an account of, the consumer; or
(B) intends to use the information for employment purposes; or
(C) intends to use the information in connection with the underwriting of insurance involving the consumer; or
(D) intends to use the information in connection with a determination of the consumer's eligibility for a license or other benefit granted by a governmental instrumentality required by law to consider an applicant's financial responsibility or status; or
(E) intends to use the information, as a potential investor or servicer, or current insurer, in connection with a valuation of, or an assessment of the credit or prepayment risks associated with, an existing credit obligation; or
(F) otherwise has a legitimate business need for the information
(i) in connection with a business transaction that is initiated by the consumer; or
(ii) to review an account to determine whether the consumer continues to meet the terms of the account.
I've had that problem with multiple Amex inquiries, flooding the credit agencies, within a 1-2 week period. A letter from my corporate attorney took care of it, quickly. Someone had gotten my Gold MC number from a web transaction, and racked-up over $7,800 in illegal charges. TVs, computers, clothes, porno sites etc. MC credited the amount to my account.
Because bankers/lenders think everyone's as unscrupulous as they are.
Their fear that you're (also) a crook no matter how long you've been a customer is also the same mindset for sometimes putting holds on your deposited checks. But have no problem sucking your money out of your account for their buddies instantaneously....
If they aren't held, your deposits are posted the next business day .... payments to their buddies are instantaneous no matter what time of the day it is.
There is, after it's been done, no recourse.
Sorry. There's some kind of agreement between the Bee and FR that we can only post 300 words. Weird.
try username=root password=password
http://www.bugmenot.com for all registration site
I hope everything works out for you, Alan. It's time corporate America is held accountable for what they do to the ordinary citizen.
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