Reply
New Contributor
ashdown1967
Posts: 73
Registered: ‎06-26-2012
0

CREDIT FREEZE

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

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: CREDIT FREEZE

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.

 

New Contributor
ashdown1967
Posts: 73
Registered: ‎06-26-2012
0

Re: CREDIT FREEZE

Okay thank you!

Mega Contributor
RobertEG
Posts: 17,732
Registered: ‎03-19-2007
0

Re: CREDIT FREEZE

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.

 

 

 

 


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}