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02-08-2013 10:51 PM
I've been applying with a ton of creditors trying to get a loan for a new car and due to a judgement on my report, I've been turned down by all of them. Very close to getting the judgement removed and then I'll reapply with only 3 or 4 of them. But I'm up to about 25 hard inquires (mostly because one dealer would send out to 4 or 5 banks just with one credit app I submitted to them). But most of these are all within a short period. I hear that any hard inquiries related to auto within a 14 day period will be considered 1 inquiry.
But what if you go over 14 days from the time of the first auto-related inquiry? I think I'm up to about 25 days or so since I started. Will the 14 day window start over, thus my credit score only being impacted by 2 actual hard inquiries / (2) 14 day periods, or do you just get one 14 day window per year or something and every auto inquiry after that initial 14 day window doesn't batch and each one is counted?
Thanks in advance!
02-08-2013 10:54 PM
There is a sliding widow that varies by the version of the FICO algorithm being used.
All will show in your CR, but FICO "de-dupes" them as one if within the window, PROVIDING the inquiry has been properly coded as a mortage or auto inquiry.
02-08-2013 11:05 PM
Gothcha. Thanks! Unfortunately, I don't think most of them were coded right. Most show as "Finance" or "Bank" and only a few of them actually show as "Auto Industry," despite all of them being auto related. Is there any way I can fix that, or can I dispute those inquries that are wrongly coded?
02-08-2013 11:16 PM
You can always dispute any information in your file that you consider inaccurate by way of dispute to the CRA.
You cannot file a direct dispute with the creditor, as disputes pertaining to credit inquiries are specifically exempt for the direct dispute process under 16 CFR 660.4.
The problem with disputing the coding of inquiries is that coding is not regulated under the FCRA.
There are no published guidelines by the CRAs that explain how the coding of inquiries is done. For example, is the code entered by the CRA based on the stated permissible purpose of the inquiry, or does the inquiree actually provide a code? That is not covered in the CRA reporting manual, as requests for credit reports are not the reporting of information, they are just the opposite.
Very difficult to dispute the accuracy of a system in which the consumer is not provided the rules of the game.
02-08-2013 11:50 PM
Makes sense. Thanks, Robert! I hear that it's almost impossible to get hard inquries removed with EX or TU, but EQ does it pretty willingly so I just did an online dispute for about half of the hard inquries. I didn't want to do too many and risk them putting a fraud alert on it. So far EQ has removed everything I've requested (including a JUDGEMENT!!) so fingers are crossed!
02-09-2013 12:13 AM
Yikes, just tailed them all up and there's more than I thought, at least with EX.
EX: 33 hard inquries
TU: 22 hard inquires
EQ: 17 hard inquires (soon to be only 7, if they approve my dispute)
33 and 22 sure is a lot! Yikes. VERY interestingly, I noticed zero drop in my credit score as I piled all of these inquires on. Actually, to be totally accurate, I saw it drop 4 points, but I think that's nothing.
02-09-2013 05:17 PM
Disputing them with the CBs and reporting them as "incorrect/please delete." Which is accurate because the judgement has been settled and it still shows outstanding. Already, TU and EQ have deleted it. EX said they won't so I've filed an MOV. Maybe that will do it. If not, I will file a Motion to Vacate Judgement with the courthouse the judgement was originally filed it, get it expunged, and then force EX to delete it that way!
02-10-2013 04:32 AM
Auto or not, they always show up as individual hard inquiries. I have 20 in the past 16 months on my reports. They are NOT grouped/coded as one type of purchase code. That's why you don't want to just let a finance manager run your SSN through tons of banks over and over.