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sweets2323
Posts: 46
Registered: ‎05-18-2010
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Removing Inquiries

I pulled my Equifax report and I See a 6 inquiries on my report that I want removed

 

Last time I did a dispute with a comsumer, My score went down.

 

Should I leave the inquires alone

 

I was thinking of getting a car and I went to my Credit Union and to Enterprise.

 

My credit should have been pulled two times but instead it was pulled like 6 times

 

what should I do


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Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
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Re: Removing Inquiries

[ Edited ]

sweets2323 wrote:

My credit should have been pulled two times but instead it was pulled like 6 times

 

what should I do


I'd leave them alone. This is normal when applying for a car loan at a dealer. They will check different sources to get the best rate for you. FICO sees this as rate-shopping. As a result, FICO will take all of your car inquiries within a given period of time (14-45 depending on the CRA and FICO version used), only score one, and then FICO will ignore the rest. You aren't being dinged for the other 5.

 

ETA...they'll do the same for mortgage apping too. Also, the inquiry damage doesn't hit until the end of that inquiry window. I app'd for a mortgage in December. Exactly 30 days later (30 day window for Beacon 5.0 FICO's...same as on here) with nothing else going on on my reports, my score takes a slight hit for 3 points.

Mega Contributor
RobertEG
Posts: 17,708
Registered: ‎03-19-2007
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Just tRe: Removing Inquiries

[ Edited ]

+1

Just to add a few comments.  This "de-duping," as FICO refers to it, is a sliding window, meaning that the period, whatever it is for the version of FICO being used, moves along, focused on the  date of the requested FICO scoring. 

This process is not, per se,  a disputable item with the CRAs,  It is not specified under the FCRA, but rather is an internal practice employed by Fair Isaac.  It is also totally dependent upon the perspective creditor reporting either a correct auto or mortgage inquiry code so that FICO can pick them up and score those within the sliding window only once.

If the code is incorrectly reported, then yes, the correctness of the reporting code itself would be disputable, but only through the CRAs,  Disputing of credit inquiries are specifically exempt from the entire direct disptue process, which prevents you from disputing directly with the prospective creditor under the direct dispute process of section 623(a).  So if you want to pursue incorrect inqury codes, you can deal informally directly with the credtior, but if you escalate to a dispute, it must be done under the section 611(a) dispute process through the CRA(s) to which it was reported.

 

For a detailed opinion of what constitutes a permissible pull for auto inquiries, I recomment the following FTC staff opinion letter.

The FTC has specifically addressed the issue of automobile dealers accessing a consumer's credit report in a February 11, 1998 advisory opinion: That opinion is outlined below, and can be obtained in full on the FTC web page.

1. Section 604(a)(3)(F) permits CRAs to provide consumer reports to any party who has a "legitimate business need for the information in connection with a business transaction that is initiated by the consumer." You ask whether this provision allows a dealer to obtain a consumer report on a person who "comes to an automobile dealership and requests information" from a salesman about one or more automobiles. In our view it does not, because a request for general information about products and prices offered does not involve a business transaction initiated by the consumer.

 More generally, you ask "when is the beginning of a business transaction" initiated by the consumer? In responding to this question, it is important to note that Section 604(a)(3)(F) limits this "business need" permissible purpose to transactions (i) that are "initiated" by the consumer and (ii) where the seller has a "legitimate business need" for the information. The staff's view is that an automobile dealer may obtain a report only in those circumstances in which the consumer clearly understands that he or she is initiating the purchase or lease of a vehicle and the seller has a legitimate business need for the consumer report information in order to complete the transaction.

For example, a consumer who asks a dealer questions about prices and financing is not necessarily indicating an intent to purchase or lease a vehicle from that particular dealer. Nor does the dealer have a "legitimate" business need for a consumer report in this situation. The consumer may simply be comparison shopping. In such a situation, the dealer must obtain written permission from the consumer before obtaining a consumer report. If the dealer would like to see a consumer's credit report before answering general questions about the availability of financing, this must be explained to the consumer and written permission must be obtained. In the same way, a request to "test drive" a vehicle does not indicate an intent to initiate the purchase or lease of the vehicle. Accordingly, if a consumer asks to test drive a vehicle, the dealer must obtain written permission from the consumer before obtaining a report.

Only in those circumstances where it is clear both to the consumer and to the dealer that the consumer is actually initiating the purchase or lease of a specific vehicle and, in addition, the dealer has a legitimate business need for consumer report information may the dealer obtain a report without written permission. In this regard, we note that obtaining information for negotiation purposes does not constitute a "legitimate" business need. The dealer must have a specific need for the information directly related to the completion of the transaction. For example, a dealer may obtain a report, if one is necessary, in order to arrange financing requested by the consumer.(1) The dealer may also obtain a report to check a consumer's creditworthiness when the consumer presents a personal check to pay for the vehicle. By contrast, a permissible purpose would not arise if a consumer intends to pay by cash.

Bottom line, unless you gave them written authorization, you were soliciting credit via the dealer and / or at the moment of payment you tendered a check, the dealer did not have permissible purpose to access your credit report. 

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sweets2323
Posts: 46
Registered: ‎05-18-2010
0

Re: Just tRe: Removing Inquiries

I read the information but could you answer this for me. :-)

I gave them my DL to pull my credit. They told me that they will only pull it one time

I went to Nissan, Enterprise and my Credit Union, that is only 3 places but 6 pulls are on my credit

 


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Valued Member
R_W_
Posts: 33
Registered: ‎05-10-2010
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Re: Just tRe: Removing Inquiries

You may be able to get any off that appear to be duplicates.

 

  I am in the middle of a refinance and it seems everytime my lender touches my file it is creating an HP.  They said they are very sorry, it is supposed to be a SP, but that the CRA's only count it once anyway... so not to worry about it.

 

Well that does not appear to be exactly true... it has now put me up over 8 inquiries (and the date range is now over the 45 days) now my score went down stating I had too many inquiries.  I have no other inquiries in the past 12 months.  I called Experian yesterday and explained and they immediately removed the duplicates and my score went up 19 points. 

 

I am going to try the same thing with TransUnion and Equifax.

 

I explained to my lender and my lender said when they are finished with my file they will contact the CRA's as well and explain that the duplicate HP's were errors in case I can't get them all removed myself.

 

It was pretty painless with Experian, so I would say give it a try.


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Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
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Re: Just tRe: Removing Inquiries

Just know doing so will probably result in a fraud alert. Be careful with EQ.

 

The score increase you saw with EX was a FAKO increase. Your FICO probably didn't drop much. FAKOs count every single inquiry unlike FICO.

 

 


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