Wachovia Bank Free Credit Report

[MikePeters]

Wachovia Bank for the North Eastern sector is starting to give free credit reports. This is used to try to build a better relationship with existing customers as well as start one with new customers. It wouldnt hurt anyone to sit down with a financial advisor for ten minutes and discuss your credit score + its free. This has started in the Tristate area, not sure about Ny and up.

Its also good to check your credit report every six months. I wont get into details about why buts its a great fraud deterrent.

 

[intogamer]

My mom has Wachovia. Doesn't Credit Reports -5 off your score?

 

[Devistater]

Cool. BTW, in most (or is it all now?) of the USA, you can get a free credit report once a year, and since there's 3 companies, that basically means you could get one free every 4 months.

Originally posted by: intogamer
My mom has Wachovia. Doesn't Credit Reports -5 off your score?

No, thats a common myth. The part thats correct is if you do a lot of applying for loans and credit cards. A report doesn't count. See below

http://www.myfico.com/CreditEducation/ImproveYourScore.aspx

"Note that it's OK to request and check your own credit report.
This won't affect your score, as long as you order your credit report directly from the credit reporting agency or through an organization authorized to provide credit reports to consumers.

Do your rate shopping for a given loan within a focused period of time.
FICO® scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur.

If you have been managing credit for a short time, don't open a lot of new accounts too rapidly.
New accounts will lower your average account age, which will have a larger effect on your score if you don't have a lot of other credit information. Also, rapid account buildup can look risky if you are a new credit user."

Basically if its through an authorized agency and its for purpose of checking your own credit report it wont do anything.

http://www.myfico.com/CreditEducation/WhatsNotInYourScore.aspx
Here's some more:
"What is Not In Your Score
FICO® scores consider a wide range of information on your credit report. However, they do not consider:
Certain types of inquiries (requests for your credit report).
The score does not count ?consumer-initiated? inquiries ? requests you have made for your credit report, in order to check it. It also does not count ?promotional inquiries? ? requests made by lenders in order to make you a ?pre-approved? credit offer ? or ?administrative inquiries? ? requests made by lenders to review your account with them. Requests that are marked as coming from employers are not counted either."

Google is your friend

 

[SignalSoldier]

thanks anything free should be hot

 

[imported_nocturne]

Every US citizen is entitled to a free yearly credit report....

Isn't Wachovia one of the banks involved in leaking hundreds of thousands of people's identities? Happened a few monthes back...

 

[QED]

Deviator... what you say is true...

But it all depends on the way Wachovia requests your score and how the credit bureau processes that request.

Unless Wachovia has specifically requested that they be an authorized agency for providing credit reports to consumers, they very well may be using the same bureau account to pull your credit report that they use to pull one up when you are applying for a line of credit.

In any case, I would definately ask before I signed off on having my credit pulled.

 

[Arkai]

What is the website to get a free credit report?

 

[RideFree]

Let's all hope this is not the actual reason for the free credit checks...
Now we all know why the UPS/Newegg thread got locked

 

[hiltinuts2]

Originally posted by: MathMan
Deviator... what you say is true...

But it all depends on the way Wachovia requests your score and how the credit bureau processes that request.

Unless Wachovia has specifically requested that they be an authorized agency for providing credit reports to consumers, they very well may be using the same bureau account to pull your credit report that they use to pull one up when you are applying for a line of credit.

In any case, I would definately ask before I signed off on having my credit pulled.

I work at a credit reporting agency and we actually maintain Wachovia's Mortgage Credit and I can positively tell you that they will not \ do not use this channel to pull these free credit reports, formally known as Consumer Reports.

Wachovia being as big as they are certainly understand the difference between Mortgage Reports and Consumer Reports and will not use the same channels which would result in an Inquiry which would negatively effect credit.

Believe me, I'd be great for my company if they'd go through us for those reports, however, for pro bono consumer reports they have to be supplied directly from the three bureaus which will not count against the consumer.

 

[Zontor]

You can also go to eloan.com and click on the credit reports tab and get either a free credit report or a free quickie credit score.

Can't say if this will count as an inquiry but the score is a quick and dirty benchmark to see where you stand.

 

[alrocky]

Originally posted by: Arkai
What is the website to get a free credit report?

https://www.annualcreditreport.com/cra/index.jsp

 

[will792]

Keep in mind that most likely you would get proprietary credit score, if any. The most commonly used score is FICO but typically you have to pay in order to get it. It is not possible to convert non-FICO score into FICO number. The formulas are different. FICO guards their formula like Coke recipee.

 

[MikePeters]

Different banking channels are used to pull up your credit score. This does not affect or negatively reduce your credit score. The only way a score is reduced is if its pulled up constantly, the last one i saw was being pulled up every few days because he was desperatly trying to get more credit from different lenders. I would suggest to not request one in less then less then three months.

I also find that about 1/3 of the credit reports i pull up have mistakes that negatively affect them, most of them are minor but still enough to impact the score.

 

[lostatlantis]

Originally posted by: MikePeters
Different banking channels are used to pull up your credit score. This does not affect or negatively reduce your credit score. The only way a score is reduced is if its pulled up constantly, the last one i saw was being pulled up every few days because he was desperatly trying to get more credit from different lenders. I would suggest to not request one in less then less then three months.

I also find that about 1/3 of the credit reports i pull up have mistakes that negatively affect them, most of them are minor but still enough to impact the score.

what are some examples of these mistakes?

 

[Miramonti]

True or False?: Free credit reports are generally given out by businesses to scrape your personal data from it for marketing purposes.

I always assumed this is why they were offered, but want to know if anyone knows for sure.