topic Re: Is it worth disputing? in General Credit Topics

Is it worth disputing?

Jarrodpd — Thu, 09 Oct 2014 19:16:00 GMT

I relatively aware of how the basics work, but when it comes to things like disputing hard pulls im not sure if its worth it. My problem is that I have 4(unknown hard pulls to me) hard pulls and im wondering if it is even worth it to call TU and have them disputed. The 4 hard pulls were for auto loans, I didn't even have a car when these pull occured last year! It bothers me that it has dropped my score for no reason. I would have never known about these pulls had I not set up an Experian credit checking thing through USAA my bank.

Thanks in advanced for your feed back.

Re: Is it worth disputing?

youdontkillmoney — Thu, 09 Oct 2014 19:29:48 GMT

Yes dispute not only because it bothers you as you say, but more importantly something deeper such as identity theft may be occurring

Re: Is it worth disputing?

Jarrodpd — Thu, 09 Oct 2014 19:41:28 GMT

@youdontkillmoney wrote:
Yes dispute not only because it bothers you as you say, but more importantly something deeper such as identity theft may be occurring

I was also thinking something like that, but on my liabilities it only has my two credit cards posted. My AMEX hasnt gotten processed through there systems. Thankyou for the feedback.

Re: Is it worth disputing?

Jarrodpd — Thu, 09 Oct 2014 20:04:47 GMT

Do you by chance have a number for equifax? I accidentaly called transunion, I wish it was them. I tried doing to the online dispute and it was wanting me to answer questions that probably pertained to my parents such as a house loan and a car loan. Then when I said no to everything it wanted me to fax in a license and dispute form.

Re: Is it worth disputing?

CreditDunce — Thu, 09 Oct 2014 22:52:48 GMT

Just to make sure, you didn't go car shopping last year? Car dealers can slip in a request to run your credit before you know it...

Here is the sticky on CRA phone numbers:

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/CRA-Phone-amp-Fax-Numbers/td-p/408086

Re: Is it worth disputing?

Jarrodpd — Fri, 10 Oct 2014 01:51:43 GMT

I periodically look at cars online, but never give out information that would lead them on that Im seriously considering to buy a car.

Re: Is it worth disputing?

CreditDunce — Fri, 10 Oct 2014 02:17:08 GMT

It doesn't sound to me like a case of identity theft. I think one of the less ethical car dealers ran your credit through a couple of banks to see what you would qualify for. Legally they can't do this without your permission. But some car dealers play lose with this.

The INQs will stay on your credit report for 2 years. But they only hurt your score for 12 months. If they are almost 1 year or older, I would probably not put the effort into disputing them. It will not help your credit score (once past the 1 year mark). Even if they are not past 1 year, they should only count as one HP assuming all of the HPs were in a couple of weeks and coded as auto loan pulls.

Just be very careful with car dealers. They can make more money on the loan than on selling the car.

Re: Is it worth disputing?

AndySoCal — Fri, 10 Oct 2014 03:43:26 GMT

One Other thing about inquires on auto loans is inquires made with a 30 day period with current score models is treated as 1 inquiry. Also, do you have the same name as another family member?

Re: Is it worth disputing?

CreditDunce — Fri, 10 Oct 2014 04:29:59 GMT

@AndySoCal wrote:
One Other thing about inquires on auto loans is inquires made with a 30 day period with current score models is treated as 1 inquiry. Also, do you have the same name as another family member?

Just in case someone reads this thread later, the window for counting multiple INQs as 1 HP for auto loans varies by the FICO model your lender uses. The older models use a 14 day window. The new newer models use 30. I have even heard FICO wanting to push out the window to 45 days. Since many CU's use the older FICO models, I would try to stick to do auto shopping within a 14 day window. Or just apply at one CU and not deal with all of the INQs on your credit report.

Mortgages have similar rules as auto loans. All HPs for CC's count.

If my information is outdated, please feel free to correct me.

Re: Is it worth disputing?

Jarrodpd — Fri, 10 Oct 2014 05:00:56 GMT

@CreditDunce wrote:
@AndySoCal wrote:
One Other thing about inquires on auto loans is inquires made with a 30 day period with current score models is treated as 1 inquiry. Also, do you have the same name as another family member?
Just in case someone reads this thread later, the window for counting multiple INQs as 1 HP for auto loans varies by the FICO model your lender uses. The older models use a 14 day window. The new newer models use 30. I have even heard FICO wanting to push out the window to 45 days. Since many CU's use the older FICO models, I would try to stick to do auto shopping within a 14 day window. Or just apply at one CU and not deal with all of the INQs on your credit report.

Mortgages have similar rules as auto loans. All HPs for CC's count.

If my information is outdated, please feel free to correct me.

Luckily the 4 pulls were on the same day over a year ago, so whatever affect they had should be almost completly gone.

Re: Is it worth disputing?

takeshi74 — Fri, 10 Oct 2014 13:53:00 GMT

@Jarrodpd wrote:
I would have never known about these pulls had I not set up an Experian credit checking thing through USAA my bank.

Definitely review all your reports at least once a year.

Re: Is it worth disputing?

RobertEG — Fri, 10 Oct 2014 17:50:54 GMT

A consumer's express permission is not required in order to pull their credit report.

The expreess purpose of FCRA 604 is to define certain situations where express permission is NOT required for a party to receive a onsumer's credit report. Otherwise, many credit apps and business transactions would come to a crawl.

One such purpose is when a consumer initiates a business transaction that would legitimately have need for the party to evaluate the consumer's credit report as part of that transaction.

Whether car shopping gives rise to a permissible pull thus depends upon the degree to which there is a recognized business transaction, not on whether the consumer provided express permission. The FTC has issued guidelines stating that car shopping itself does not legitimately give rise to permissible purpose unless/until there is some clear indication that the consumer intends to actually purchase a vehicle and/or seek potential financing.

How serious was your shopping?