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@Remember0 wrote:I would not pay for anything, especially a "lock." You should put in place a FCRA freeze which should be free. If you don't want to deal with the accounts online, you could always place a freeze by phone which is what I personally do (no account, or wierd offers doing it by phone).
https://www.experian.com/freeze/center.html
https://www.transunion.com/credit-freeze
^Good point.
I have not paid for locks or freezes for any of the bureaus - EX calls it's freeze a lock, but I think another one charges for a "lock" (vs a freeze). Definitely poke about a bit to figure it out. I prefer doing it online because it's quick and easy, but do whatever makes you comfortable.
@Anonymous wrote:Good evening,
I am about to buy a new vehicle (small, affordable) from a dealer - Kia. I do not want them to run my credit, as I paying from my personal funds. This is in a major city in the U.S.
I know that dealers often disguise credit pulls as 'identity verification', 'terrorist check' etc. I am aware that I need to provide my SS# as part of IRS reporting requirements, so they will have all the information they need to run my credit, even without my explicit permission.
I am wondering, should I freeze my reports? But I believe there is a fee associated with that and I will need to do it individually with each CU?
I believe that I have to sign a credit application in order for the dealer to run credit, but I am afraid they may try and make me do that under the guise of the patriot act, identity verification etc.
I have my State issued D/L and U.S passport.
How would you experts deal with this situation? Freeze reports?
Thank you and have a good night
Mr. Square
I bought a car with cash (well, a personal check, which gives them permissable purpose) in January. Dealer's finance manager pushed finacing it, along with all the other crap he wants suckers to buy, but they didn't pull credit. He made a point of saying they were not going to when I was filling out the identity verficiation paperwork, which was also a loan application form. (There were checkboxes for what it was for: id check, or loan application, or both)
I think we are all losing track of the most important factors - the dealer cannot pull a customer's credit (a) unless a credit transaction is taking place or is about to take place and (b) without the customer's written consent. The words "cash sale" eliminate "a" and as long as you don't sign anything that gives consent to pull your credit, they can't pull, elimating the requisite requirements of "b". If they do pull and the requisite requirements are not met, you can sue the dealership for each and every pull and get awarded Statutory Damages of up to $1,000 per. If I were you I would just stick to my guns, keep saying "cash sale", refuse to sign a credit pull consent and pray they pull a couple of times. You may get this car for free. I reference the Federal Fair Credit Reporting Act as the law under which you would sue the dealer if they do pull.
You are very right @Flyingifr...I just want to take precautions wherever possible.
I have placed a freeze on all the 3 bureau reports. I am not applying for any form or amount of financing.
As I am paying by personal check, can the dealer still do the identity verification? even though my reports are frozen?
@flan
Thank you
I would get a cashier's check and I think it would make the deal go even smoother. IMO
They can verify identity through other reports (e.g., Lexis) if they know how to / are set up to do so. What they can't do if reports frozen is pull your credit. I'd bet a good deal of money that no good dealer will turn away a sale if you show up with frozen reports + a personal check.
Maybe they make you wait a few days to pick up the car for the check to clear or request certified funds (have them deduct the cashiers check fee from your purchase price!), but I doubt they'll lose a sale over not being able to pull credit.
@Anonymous wrote:I think we are all losing track of the most important factors - the dealer cannot pull a customer's credit (a) unless a credit transaction is taking place or is about to take place and (b) without the customer's written consent.
There is no consent requirement. Just a permissable purpose, one of which is writing a personal check to buy a car. (the dealer is extending you credit, after all. You're taking the car, they don't have their money until the check clears.) Written consent gives permision, so it clears up any doubt about whether there is a permissable purpose, but it is not required.
I would just tell them to call your bank and verify funds if they have any concerns.
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