DEALER HIT ME WTIH 5 INQ'S WITHOUT CONSENT!

[gerty]

I test drove a car and got 'ballpark' figures from the dealership.  I told them I only wanted to deal with my bank (I've had 7 auto loans through them). They still sent my info without my consent to 5 seperate banks for approval. I wound up not getting the car because I had too much neg equity and decided to just refi my car with much lower payments. To my surprise, the inq's showed up on my report and I was hit with a 3 point increase in my interest because of those 5 inq's. This is going to cost me alot of money in the long run and I'm pissed. I'm sending a dispute letter to EQ since they are the only one's showing the inq's so far. It was over 30 days since the inq's so my bank wouldn't count them as one.

What should I do about the dealership that ran my credit? Strongly worded letter? Phone call to owner? Let it be??

Will EQ take these off my report after the dispute??

[athensguy]

You should sue them for $1k per INQ (might only get one win out of five, but you never know), and you should sue them for the difference you are going to pay because of their illegal activity.

Also, the INQ combination is done for scoring purposes, by Fair Isaac. It doesn't matter how long it's been since they occurred, but it matters how long it was between them. Your bank can count them all if they want regardless of the time.

Start by sending letters to the companies that pulled and request information on who caused them to pull your report. If they won't release information, you'll have to sue them individually probably.

[Anonymous]

all inquiries made for a mortgage and car within 14 days count as one inquiry---

[athensguy]

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@Anonymous wrote:

all inquiries made for a mortgage and car within 14 days count as one inquiry---

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But they do still show up separately and you can get denied for too many INQs. Also, the INQs must be coded properly, or they will count outside of the window regardless of their time frame.

Message Edited by athensguy on 07-07-2008 09:31 AM

[Anonymous]

If I am correct Fico only counts multiple INQ"S for mortgages only in a 14 day time frame. I believe I read this somewhere on this forum.

[Anonymous]

They couldn't have ran your credit without you signing a consent form. Did you give them ss#?

Mortgage & auto inquiries count as 1 if done in a 14 day time period. Did they wait 30 days then run again?

[Anonymous]

Like the previous poster stated, this is a good reminder to never give more than your name and number to car salesman. If you give them anything more you never know what they will pull. Even if you get the 1k imagine the hassle they put you through.

[Watchmann]

When they ask to photocopy your Driver's License (on the pretext they need that to allow you to test drive the vehicle.  BS) that is when they go in and check your credit.  Here is what I do:

1) Tell them you are not providing ID to test drive a car. 

2) If they insist either walk, or flash your DL to them visually just for them to confirm it is valid.

3) Failing this, always have some photocopies of your DL with you in case you absolutely need to provide verification.  On the photocopies write with a big, black SHARPIE:  CREDIT CHECK NOT AUTHORIZED and have them sign two copies, one for them and one for you.  Tell them it is illegal for them to run a credit check without your authorization and you will take legal action if you find out they have checked.  Make sure the Manager on duty understands this.  It will make them think twice

Message Edited by Watchmann on 07-07-2008 07:08 PM

[gerty]

I used to sell cars a few years ago, and I know that at the dealership I worked at, we never ran anyone's credit until they signed a form authorizing you to do so, and we definatley didn't run their credit until they actually agreed on a price for a car. We hadn't even negotiated a price firmly on the car.

I probably gave them my SS# when they were filling out paperwork, but I honestly don't remember, it was about a month ago. I know I never signed anything authorizing them so run a credit check and  I do specifically remember telling the salesman that I wanted to use my bank only, but this was apparently after they had run my credit and didn't tell me.

I also had subsequent conversations with him over the phone discussing price and they never told me they had run my credit. My bank wouldn't approve the loan without a large down payment because I had so much neg equity and they wouldn't finance over the value of the car. The salesman said we could look at other finance options and another bank may be willing to do it, I told him I'd come in and we could talk about the possiblity of it but we still never agreed firmly on a price. I never went back in because I realized it wasn't a good deal to make, and just refi'd my car instead.

I'm going to write the owner of the bank a letter and let him know that what he did was unethical and illegal since I never authorized the credit check. Is suing a good option though? Will it net any results or just waste my time?

[athensguy]

If you win, it's $1000 per violation. I'm not sure in this case whether all 5 are individual violations, or if it's one. If you've had an AA, you can sue for damages.