Multiple HP Reporting from Vehicle Purchase

[Anonymous]

I purchased a new vehicle in Aug 2015. HP not reporting to TU. Experian shows 1 HP, Equifax is showing 8 HP all on the same day.

Is this standard practice for multiple HP to show up like that? I was always under the impression that when you finance through the dealer and they send your info to the banks, this would only count as 1 HP.

Thanks!

[805orbust]

Perhaps the MOST annoying thing I can think of. I'm so angry about car dealers just whoring out your report that I joined a CU and that's it. Yes, it's just what they do. Everybody (Even the bureaus) say it's only scored as one HP however I don't believe it totally, but if you ever give your SS# to a dealer, that's what they do.

[takeshi74]

It's not uncommon for dealers to shop around for financing.  If you want to prevent that then sort out your fianancing on your own and don't let the dealer do it for you.  However, they may still need to pull credit for idnetifity verification purposes.

Pulls for loan shopping will report separately but will score as one as long as they are coded properly and within the proper timeframe. See also:

http://www.myfico.com/CreditEducation/CreditChecks/Inquiries.aspx

What to know about "rate shopping."
Looking for a mortgage, auto or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan. To compensate for this, FICO Scores ignore mortgage, auto, and student loan inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your scores while you're rate shopping. In addition, FICO Scores look on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If your FICO Scores find some, your scores will consider inquiries that fall in a typical shopping period as just one inquiry. For FICO Scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO Scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO Scores.