OT: Credit Check-was Little Guy v. HD

In doing a routine check of my credit report I noted that GMAC, my mortgage holder, was checking mine like clockwork every three months.

As I had never been late with a payment, in fact for the last several years I paid automatically by debit from my checking account, and I was not applying for additional credit, I was baffled.

I called them up and to summarize their answer is was pretty much, "We do it because we can." Some federal law permits it, so they do it. They tried to tell me that this didn't affect my credit score, but a banker told me that *any* query causes a drop, even those that the questioner claims do not affect your score.

I asked GMAC what it would take to get them to cease and was told that it wasn't going to happen. Well, it better have by now since as I promised them, I paid them in full last month. They can go to hell.

You do know why they were checking don't you? In case you had become delinquent with any of your other credit accounts. If you check the fine print carefully, you'll probably find something in your mortgage loan terms that allows them to increase your interest rate or even call your loan if you are delinquent with another lendor.

Credit card issuers have been doing similiar things for years now. I had one try to tell me that my credit worthiness had dropped because of activity on another account which took place BEFORE the credit and terms were issued by the first credit issuer. Unbelievable, I had good enough credit for them to solicit my business, years later they decide that because I had been late with a couple of payments to another credit card, prior to opening my account with them, I was no longer a desired customer. Unless I wanted my interest rate to go up of course, I cancelled the account the same day. Never looked back.

John Emmons