01-26-2013 09:54 AM
Would it be a good idea to freeze my credit while I am in the process of trying to purchase a house? And when the mortgage people need to pull I lift the freeze?
I ask this question because I have two creditors that are being paid through a payment plan, but as soon as they saw on my credit report that I was applying for a mortgage, they started pulling my credit report like once a week now and it is a hard pull that i keep getting alerts for. I am up to 8 hard pulls now by one company and it has been in the last two months. Can I do anything to stop them from pulling my credit reports so often? It's like they are doing it because they know it will drop my score!
Thank you in advance
01-26-2013 10:20 AM
Are you certain it's a hard pull, as opposed to a soft?
If it's a hard pull I'd ask them to stop and to remove the existing inquiries.
I don't think a freeze would stop the inquiries because it's with an existing relationship. But you never know. I'd definitely talk to them first.
01-26-2013 12:21 PM
Inquires made by existing creditors that do not involve requests for additional credit initiated by the consumer are routinely coded as so-called "soft" inquiries that are not viewable in a consumer's credit report, and thus not scored by FICO. They are internal account reviews.
If an existing creditor is reporting inquiries unrelated to any initiation of credit by the consumer in a manner that is resulting in their viewing in your CR, I would contact/dispute with the CRA the accuracy of the stated permissible purpose.
If the CRA stone-walls then you can send a formal request to the CRA under FCRA 609(a)(1) that they provide you a copy of the stated permissible purpose provided by the creditor.
Section 609(a)(1) requires, upon payment of the current fee of $11.00 and proof of identity, that the CRA must provide any information of record in your credit file.