Multiple Inquires

[hockeymom2119]

Hello all, I recently re-financed my mortgage. While in the process of doing so, my file "fell through the cracks". I applied in May, and it didn't go through until the end of October. In the meantime, the mortgage company did multiple inquires on my credit (I think it totaled 4). Is this something I can dispute with either the credit reporting agencies or the mortgage company? Advice?

[llecs]

When do the inquiries appear on each report? Over the course of days/weeks? Over months?

[09Lexie]

+1

Also, if the inquiries are valid, you have no basis to dispute them. It sounds like your lender had a permissible purpose to pull your CR's.

From myFICO Credit Basics:

'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, the score ignores 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 score while you're rate shopping. In addition, the score looks on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If it finds some, it counts those inquiries that fall in a typical shopping period as just one inquiry when determining your score. 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 score.'

[hockeymom2119]

Months - there was one in May of this year, and then one in September and two in October of this year.

[llecs]

IMO, they are allowed to pull your credit multiple times. Depending on the lending program (e.g. FHA), your lender may be required to pull your credit every x days. I've been out of the mortgage loop, but when we applied my credit report was only valid for 60 days and they had to repull beyond that.

[09Lexie]

^ this....back in the day, CR's were pulled every 30-45 days to monitor any changes while the loan was in processing. Often, CR's were pulled the day docs were drawn and right before the deed/title recorded.