NEED INFO re: Inquiries with a Car dealership

[Anonymous]

(also posted in General Credit Issues- didn't now where to post)

Can I contest an inquiry from lenders who a car dealer tried to approve me on?  6/08 when I pulled my report, I realized this salesman had inquired to SIX different companies before I was approved w/ a lender (not only was it the ONLY dealership I was at; on my report, all the inquiries were the same day!) 

In fact, I told him that I did not want him to make more than two inquires because of the affect on my report.  I went for a drive in the car and he proceeded to keep checking until  was apprved.  I absolutely never gave permission for him to do that....

Can I dispute these inquiries?

TIA

[Anonymous]

Hi,

That's the normal process. Dealerships use all the financial institutions in their database in order to get a customer approved. On the plus side,they actually are only counted as one unless you are out of the 14 day window. In other words,you are shopping around for the best rate or to be approved on a big ticket purchase and that is acceptable as long as it is with the 14 day period.

That's how it was explained to me a couple years ago when I bought my car. I saw all those inqs and went crazzy!!

But it all became crystal clear.

Just keep reading on this forum,you will learn alot.

Message Edited by Creditfreeze on 06-19-2009 10:31 AM

[Anonymous]

Also, as an fyi....when you apply for any type of credit....event a Best Buy card, they can run your report 100 different ways if they want to.

Signing the authorization gives people free rein.

[Anonymous]

ok but on the dispute form letter it gives three choices :

1) i did not make this inquiry

3) other please explain

and ( i actually copied and pasted this from the form)

2) "This inquiry occurred when a merchant pulled my report to pre-approve me for a large purchase. (As an example, this commonly occurs when test driving a car.) This inquiry should be removed from my report."

when it's in the actual letter it states that "this is not a valid credit inquiry"

????? any thoughts?????

[Anonymous]

Oh and one other thing.....

If the one year mark is true, that these inquiries should drop off after the one year mark, than why does it state on my CR that it is not eligible for removal until June 2010?  Just a question...hope someone has an answer......

Message Edited by rmt on 06-19-2009 09:36 AM

[llecs]

As mentioned before, all inquiries within a 14 or 30 day period only count as one single inquiry per CRA. So, worst case scenario, you are dinged for one inquiry on each report.

Also, per FICO scoring, FICO does not read any inquiry beyond 1 yr. Now it may be on your CRs for the max of two years, but it will not remain your FICO and FICO report beyond 1 yr.

If you ever disputed, you run the risk of receiving a fraud alert. Even if removed, your score won't change any.