Fair shopping??

[Stugotsv10]

Ok so I recently bought a car, and being it was an exotic it was not easy to finance so needless to say I had my credit ran a few times.. OK more then a few!!!

So they were all within a 14 day window, so they SHOULD count as 1.. well they didn't each one hit me on its own and basically destroyed my credit before the new vehicle even hit.

So I just got off the phone with Trans, a supervisor ARGUED with me claiming that is a pure rumor and there is NO 14 day window its 100% not true...

I have the call recorded, I'd like to send this to the CFPB but can someone tell me what the actual act is called or where I can find this rule they are claiming does not exist?

Thanks

[KLEXH25]

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@Stugotsv10 wrote:

Ok so I recently bought a car, and being it was an exotic it was not easy to finance so needless to say I had my credit ran a few times.. OK more then a few!!!

So they were all within a 14 day window, so they SHOULD count as 1.. well they didn't each one hit me on its own and basically destroyed my credit before the new vehicle even hit.

So I just got off the phone with Trans, a supervisor ARGUED with me claiming that is a pure rumor and there is NO 14 day window its 100% not true...

I have the call recorded, I'd like to send this to the CFPB but can someone tell me what the actual act is called or where I can find this rule they are claiming does not exist?

Thanks

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It's important to note that each inquiry will still report individually on your credit reports. The part about it only "counting as 1" refers to it's affect on your score. Meaning, 10 auto loan inquiries within a time span of 14 days (I think it's actually 45 days), will have less of an affect on your scores vs. 10 inquiries for 10 different credit cards, etc...

[Stugotsv10]

right.. but each one dropped my score 2-3 points each, it literally did not even count 2 of em as 1 let alone all 

[KLEXH25]

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@Stugotsv10 wrote:

right.. but each one dropped my score 2-3 points each, it literally did not even count 2 of em as 1 let alone all 

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I think inquiries will affect various scorecards differently. How many auto loan inquiries did you get on each CB? Did each one report accurately as an auto loan inquiry? How recently did this happen? Your scores should recover after a few months (not completely, but some). Others might be able to give more insight...

[KLEXH25]

@Anonymous any thoughts / comments on how this works?

[Stugotsv10]

June 23rd   12 inquiries and yes all say Auto 

[Kforce]

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@Stugotsv10 wrote:

right.. but each one dropped my score 2-3 points each, it literally did not even count 2 of em as 1 let alone all 

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Your score drop is more likely from the new loan, and lowering age of accounts.

[Stugotsv10]

happened before the account even hit... then it lowered even more when it did 

[surferchris]

Just a quick confirmation:

Were these MyFICO scores (actual scores) or were they FAKO scores like Credit Karma.  Because FAKO scores may drop with every hard pull.

Were the scores coded as auto and not just as consumer credit or misc finance.  If not all coded correctly then yes that would cause FICO to drop with each pull.  If that is the case, you need to contact each auto dealership/finance company and have each pull coded correctly.

Hope this helps.

[Stugotsv10]

Fico and yes coded as Auto