I am looking for some advice here. I have a Trans Union score of 702, Experian score of 690 and I forget what the other one is at the moment.
What I need some help with is some advice. Back in 2006 when I bought my house, The original bank sold the mortgage to Ocwen.. Fine I did not mind, that was their right. Anyways in 2007, I ran into some financial difficulties and got behind by 1 months on the mortgage.. I got back on my feet and called them to make the payment arrangements. The person seemed pretty helpful while I was on the phone and offered me a payment plan called the forbearance plan to repay the loan. I of course agreed to that. What the lady failed to tell me.. was that they would still be reporting that month that I was late as being 30,60 and 90 days late.. Even though I was meeting their set payment plan. If I had been made aware that they would be reporting the payment as still being delinquent during this 12 month payment plan.> I never would have agreed to. Anyways back to the story.. About after 6 months in this program.. I checked my credit.. and was amazed at what I found. I immediately paid off OCWEN.. but by that time it was too late and they had reported me as being as late as 90 days on the payments..
Well since then I have sent numerous letters to Ocwen asking them to either remove the delinquent reports.. or at least report them fairly as payment plan.. They have refused to do either.. I have sent letters to all the credit bureaus disputing the delinquent reports.. But to no avail either.
Anyways, in 2008 My wife and I were wanting to refinance the house.. well, she knew a Mortgage Broker from a family friend.. and wanted to give her the business of the Refinancing.. So we went with this lady.. My credit score at that time even with the delinquent reports from 2007 was a 670. Anyways the broker asked to pull my credit so she could get the house refinanced.. OK, so I gave my permission. WELLLLLL she obviously did not know what she was doing.. Every finance company she went to, she had them pull their own credit report.. needless to say the hard inquiries really screwed up my credit.. When I found out in Dec that my credit score had dropped from a 670 to a 534... Killed me.. I immediately dropped her as my mortgage broker. Since that time I refinanced in Sept 2009 to a much better rate from a regular mortgage company.. And my credit has slowly been building back up... BUT, I know that those items are still hanging over my head.. Even though my last delinquent payment of any kind was Oct 2007 when I found out what Ocwen was reporting.
Is there anyway to get these hard credit inquiries off my credit report, even though I was the one who authorized this lady to pull my credit for the purpose of refinancing.. What I had not counted on was her having each bank pull their own report.. Having over 20 different hard inquiries in less than 45 days and being rejected for each of them due to the delinquent reports from OCWEN... Well I am at a point in my life where the credit score itself is getting built back up.. But I know those others are still hanging over my head..
Any suggestions at all?
From what i've read on this forum, hard inquiries stop counting against your score after 12 months. And they drop completely off your credit report after 2 years. As far as your score goes (and based on your story) it doesn't seem like it would be long before they should no longer affect your score. Only a couple months.
Also, multiple hard inquiries for the same thing (like auto pulls within a 2 week span) are supposed to count as one - perhaps someone with experience with this can help figure out how to straighten this out.
Of all the things that negative affect your score, inquiries are by far the mildest. And as previous posters have stated, multiple pulls for a large purchase such as an auto or mortgage/refinance within a 14 or 30 day period are scored as one pull, as you're expected to shop around for the best rates when making these transactions. You'd be much better served working to get rid of derogs in your reports if any exist.