What constitutes permissible purpose...? CBCInnovis Hell

0REDSOX7 — Thu, 15 Sep 2016 16:51:41 GMT

Okay guys.

Am I losing my mind or am I just screwed?

Quick backstory - applied for a mortgage with Guaranteed Rate back in May of this year. Five times from the initial application to the funding, they did hard pulls, and then two times after closing they've done hard pulls.

I tried disputing with the three credit bureaus - but they tell me to contact CBCInnovis (credit furnisher for Guaranteed Rate). CBC Innovis says to contact Guaranteed Rate. Guaranteed Rate says to contact CBCInnovis.

I finally got someone in the executive team at CBCInnovis to tell me that the compliance manager at Guaranteed Rate said they had permissible pupose for all credit pulls because I submitted the initial application - which I cannot believe is true. My attorney seems to think this is NOT permissible purpose. The woman at CBC said that because Guaranteed Rate sent them that yes, I did apply (in the original date in May), was getting a loan, that they could run it every day without recourse.

Thoughts? I'm still fighting it - but wondering if it is a losing battle.

Oh, and for those who say that all mortgage inquiries in a 30 day period count as one for scoring - while yes, that is true - other creditors just see a bunch of inquiries (and have been declined due to it).

Re: What constitutes permissible purpose...? CBCInnovis Hell

Anonymous — Thu, 15 Sep 2016 17:49:54 GMT

I would think that after closing and the loan has been funded there would be no reason to HP you.

Here is what the FCRA lists as permissible purposes for pulling a credit report.

•when you apply for credit, or when a creditor is reviewing or taking collection action on your existing account

•when a potential creditor or insurer intends to extend you offers of credit or insurance (limited use)

•when you apply for insurance

•employment-related purposes (hiring and firing), only when you give that employer permission to do so

•when a court or federal grand jury orders it

•when you apply for certain government benefits or licenses that require a review of your financial background, and

•when you initiate a business transaction and there is a “legitimate business need” for your credit report that relates to that deal.

Hopefully someone with more knowledge than myself can help you out. Try posting something on the general credit or credit scoring boards. Some other members have a good bit of knowledge on the subject but may not make it over to the mortgage boards.
Best of luck!

topic What constitutes permissible purpose...? CBCInnovis Hell in Mortgage Loans

What constitutes permissible purpose...? CBCInnovis Hell

Re: What constitutes permissible purpose...? CBCInnovis Hell