If someone can point me to a good free hosting site, I can manually upload the data and PM the links to those people who were kind enough to reply.
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URGENT: Does your credit rating affect your leverage?
- Thread starter LodeRunner
- Start date
Quote from winter:
Pulling your credit report is not the same as using information in your credit report to verify your identity IMO. It doesnt count as a credit inquiry (e.g. your FICO score is not impacted, like applying for credit would) nor are they looking at your credit history to make the decision about your account application - they are as you say only validating you are who you say you are.
According to some quick googling they also have the option of using other means (e.g. passport) to establish your identity; using a credit report to establish identity is the easiest option but it is not the only option.
You missed the point.
They do pull credit at some brokerages to determine if you can even open an account there.
I should know. I was denied by a firm because of a prior BK.
However, a Larger Firm allowed me to open and well.........the rest is history.
k, I've compressed it in a rar and put it up. PM if you want the link.
All firms check your credit and it does affect your margins.
Quote from takenoprisoners:
Won't that make it difficult to get other brokerage accounts in the future?
How was it NOT your fault? Just curious? If you can't straighten out an error like this and have to "hide" from collection people how you gonna make it as a trader?
Quote from winter:
Just FYI, under the Fair Debt Collection Practices Act (FDCPA) you can simply tell a collection agency to stop calling you and they must comply: http://www.creditinfocenter.com/rebuild/creditorharassment.shtml
To the OP: I monitor my credit reports very closely and have never seen any hard or soft inquiries for any brokerage accounts I've opened (which means they never did a credit pull when I opened the accounts).
Scottrade does a hard inquiry when opening an account.
As for any legal threats they might make to you, don't believe a word. It's all bullshit (unless it's a substantial amount)
I was contacted by a collection agency regarding a debt that was paid over 6 years ago. Not a word from them in the interim and then out of the blue, they tell me I owe money (it's a small amount, but it's the principal of the matter).
They are unable to provide any type of statement verifying the debt yet threatened legal action if i didn't pay. That was back in August. Over 6 months later, knowing where I am, still no legal action.
Pay it if you feel it is truly owed. Otherwise, don't take any of their threats seriously. This is how they operate, threats, intimidation and sometimes "I'll really want to help you with this" (that's my favourite).
On an off topic, who are the publicly traded collection agencies. Equifax, but who else? Should be a good business for the years to come.
I was contacted by a collection agency regarding a debt that was paid over 6 years ago. Not a word from them in the interim and then out of the blue, they tell me I owe money (it's a small amount, but it's the principal of the matter).
They are unable to provide any type of statement verifying the debt yet threatened legal action if i didn't pay. That was back in August. Over 6 months later, knowing where I am, still no legal action.
Pay it if you feel it is truly owed. Otherwise, don't take any of their threats seriously. This is how they operate, threats, intimidation and sometimes "I'll really want to help you with this" (that's my favourite).
On an off topic, who are the publicly traded collection agencies. Equifax, but who else? Should be a good business for the years to come.