10-05-2012 06:40 AM
I had to be approved by my lender’s mortgage company for them to start construction. Fine, I authorize them to pull credit clearly mentioning that this authorization is valid for 20 days only.
They pulled my credit again after 20 days, what are my options? How can I dispute?
They approved my loan and closing will be by end of year. I may not want to go with them because of higher closing cost.
10-05-2012 06:51 AM
I don't know that you can do anything about that. My lender pulled my credit at time of app, but it expired and had to be pulled again. They will also do another pull right before closing due to it being FHA. Can't be helped.
10-05-2012 07:01 AM
I am thinking to ask them to remove this unauthorized inquiry.
Otherwise, if it impacts my rate with another lender, the small claim court is the way to go.
10-05-2012 08:17 AM
Similar thing just happened to me. My loan officer just decided to do a hard inquiry after I made myself pretty clear I didn't want my credit pulled yet. I had it pulled by them a few months ago but could not find a house we loved. I had a conversation with the loan officer to make sure we were good to proceed in th eevent I see a home I want to move on. I provided current pay stubs etc.. and asked that my credit not be pulled yet. Anyhow the hard pull resulted in a too many inquiries on my credit report. Shame because the LO has been great so far. Does anybody know if this is acceptable? I plan to attempt to have the inquiry removed, to me it seems a reasonable fight.
10-05-2012 10:31 AM
Not sure about success, anyone??
10-05-2012 11:53 PM
Disputing off an inquiry can be a tricky thing. You have requested credit, so they have a legitimite business purpose to pull your report. I've had hard pulls that should have been softs, some of which I was able to get retracted with much difficulty and letter-writing and some that I have not. I've been told not to worry about inquiries so much as they are a very small part of the score.
10-06-2012 08:53 AM
The time I requested credit I authorized them giving 20 days window to pull credit. I explicitly wrote “Authorization is valid for next 20 days” and they accepted it knowing they have 20 days.
My understanding is any credit pull by them after 20 days is unauthorized.
I have asked them to remove all or any inquires after authorization ends, will see what happens.
It is not the matter of how much score drops or gains after inquiry it is the matter of contract I signed with them.
10-07-2012 09:53 AM
So many views and no comments.
Okay just a quick comment. You authorizing credit check for loan is just that an authorization. You giving a personal deadline for credit check is something you preferred which is not governed by state law. The laws of all states have different findings on credit checks and what is valid and not valid for authorization. I would be looking up the laws of the state and seeing what your rights are.
10-07-2012 10:33 AM
Not sure what is law in IL but I am not very happy about it...
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.