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How does FICO know what kind of inquiry?

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Anonymous
Not applicable

Re: How does FICO know what kind of inquiry?

That's what I meant.. but do you mean that disputing through the CRA so they can be correctly coded is not the right course of action? Why would this have a negative effect, if they are being incorrectly reported?
Message 11 of 23
Junejer
Moderator Emeritus

Re: How does FICO know what kind of inquiry?



@Anonymous wrote:
That's what I meant.. but do you mean that disputing through the CRA so they can be correctly coded is not the right course of action? Why would this have a negative effect, if they are being incorrectly reported?


Particularly damaging if you have a TL with the INQ that you are disputing. The TL could go bye-bye. Call the PP and have them recode (after all, they are the ones that coded incorrectly from the beginning).






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Current Score: 819
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Highest Scores: EQ 850 EX 849 TU 850
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Message 12 of 23
Anonymous
Not applicable

Re: How does FICO know what kind of inquiry?

I'm concerned about this because when you use the myFICO dispute system, it allows you to dispute inquiries for something along the lines of "merchant pulled my credit report to pre-approve me for a large purchase..." and the example the myFICO offers of when you would use this as a valid dispute is "for example, a car dealership runs your credit to approve you for an auto purchase while you are out test-driving" .. that is not verbatim, but close.

That's why we disputed them..
Message 13 of 23
Anonymous
Not applicable

Re: How does FICO know what kind of inquiry?

Didn't dispute the ones we got a tradelline with, just all the other ones they ran..
Message 14 of 23
Junejer
Moderator Emeritus

Re: How does FICO know what kind of inquiry?



@Anonymous wrote:
I'm concerned about this because when you use the myFICO dispute system, it allows you to dispute inquiries for something along the lines of "merchant pulled my credit report to pre-approve me for a large purchase..." and the example the myFICO offers of when you would use this as a valid dispute is "for example, a car dealership runs your credit to approve you for an auto purchase while you are out test-driving" .. that is not verbatim, but close.

That's why we disputed them..


Did it work out for you or are you still in dispute? I have found that most of the time those just come back as verified. But, by sending the dealership the letter (which threatens them), they tend to fall in line a little quicker.






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Current Score: 819
Goal Score: 850
Highest Scores: EQ 850 EX 849 TU 850
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Message 15 of 23
Anonymous
Not applicable

Re: How does FICO know what kind of inquiry?

I don't know yet, Byrdman. I was just preparing to send off the inq's, after feeling confident that with that notation about "such as for an auto purchase" we were in the right. I def wasn't going to dispute the dealership's pull directly or the two companies that we eventually DID finance through.
Message 16 of 23
Anonymous
Not applicable

Re: How does FICO know what kind of inquiry?

Can you post a link to the letter I should send to the dealership? I looked under the Frequently Requested Threads post & didn't find one for this instance.
 
Thanks,
 
Message 17 of 23
Junejer
Moderator Emeritus

Re: How does FICO know what kind of inquiry?

Non-PP Puller Company
Address
City State Zip Code

To Whom It May Concern:

I have noticed that you have placed an inquiry on my _________ credit file dated ________. As you probably know, Credit Reporting Agencies treat inquiries as a statement of fact and will not allow a consumer to dispute them. Since it is against federal law (Fair Credit Reporting Act -- 15 USC § 1681n(a)(1)(B) for an entity to view a consumer’s credit report without a "permissible purpose," I am writing to inquire as to your alleged purpose for doing so since I did not apply for employment with your organization nor did I request credit from your organization.

[Describe any additional details about the inquiry here if need be. For example, you’re a subscriber to XXXX monitoring service and XXXX company pulled a "hard inquiry" on one of your reports.]

Based on the evidence in my possession, this inquiry was performed under false pretenses as described in the clear language of the law. 15 USC §1681n(a)(1)(B ) states, in part, "in the case of liability of a natural person for obtaining a consumer report under false pretenses or knowingly without a permissible purpose, actual damages sustained by the consumer as a result of the failure or $1,000, whichever is greater;"

You are civilly liable to me in the amount of $1,000.00 for your willful violation of the law -- performing a "hard inquiry" on my __________ file without my permission. I do hope that we can settle this matter amicably. You can remove the inquiry within one (1) business day of the receipt of this notice. Or, we can meet in court where you will end up removing the inquiry, paying me the civil liability fine, punitive damages for my score drop, plus court and attorney fees. The choice is up to you.
Please contact me immediately at the address listed below.

Sincerely,






Starting Score: 469
Current Score: 819
Goal Score: 850
Highest Scores: EQ 850 EX 849 TU 850
Take the myFICO Fitness Challenge
Message 18 of 23
Anonymous
Not applicable

Re: How does FICO know what kind of inquiry?

When the creditor pulls there is a 'code' submitted telling the bureaus and FICO what the INQ is for.
Message 19 of 23
Anonymous
Not applicable

Re: How does FICO know what kind of inquiry?

OK, a checking account maybe, but Citi put a hard inquiry on me when I opened a SAVINGS account. How exactly can one get overdrawn in a savings account?!
 
And two weeks is ridiculous for a mortgage considering that you have to submit a pre-approval letter with an offer and that many bank owned properties require you to submit a pre-approval letter from them. Even though you have no intention of getting the loan with countrywide or wells fargo, you have to have their pre-approval letter. We bought a house in October, but the inquiries started in Aug. We decided to see about buying another one and the inquires have been piling up since Jan. I just had to get another new pre-approval letter this week even though I already have my loan worked out with B of A. I suspect that B of A will pull our credit again before final pre-approval since it's been 3 darn weeks since we first submitted the offer and the bank has been dragging their feet on making the decision of which offer they want to accept. My score has dropped significantly with all these inquiries. Oh well, it's still high enough for the best rates and after this home purchase, there is no reason for us to seek any other new credit.
Message 20 of 23
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