When I bought my house and I went to get my loan from a mortgage company, the lender ran my credit 22 TIMES!!!! Every time you run someones credit it takes away points, so I went from a really good score to a horrible one. WHAT SHOULD I DO???? I know its illegal. Do I sue or do I just call them and ask for a settlement. What options do I have?????
2006-07-13 07:30:54 · 15 answers · asked by DesertGirlie 2 in Business & Finance ➔ Credit
Sent a letter to the credit reporting service outlining everything that happened regarding the 22 times. Challenge the reporting agency by telling them that you did not make 22 applications and that you want this information removed from your record. Once you report the error they must investigate and at that point they have 30 to 60 days to prove the information is accurate or remove it from your credit report. Tell them you want this letter made as a record on your credit report. Sent a certified letter to the mortgage company, make it attention to the Legal Dept., once again, outline to them what they did and give them 10 days to contact the credit reporting service and correct the problem or you will seek legal counsel.
I hope this works as lawyers don't generally take this type of situation on a contingency basis. However, if nothing is done to clear your good credit by the people who made the mistake, whether it is the mortgage company or the credit bureau, an attorney is very necessary.
2006-07-13 07:45:15 · answer #1 · answered by c.nolan 2 · 5⤊ 2⤋
The first step is to ask why it was done. Even a lawyer will ask you 'what did they say?' ....and it's cheaper for you to do the basic investigation that assign the task to a $200 per hour attorney. If the lender acknowledges the error or unreasonableness of the checking, then ask for them to correct the data with the credit reporting agencies. At least exhaust all non-litigating means of resolving the problem, before you start spending thousands for legal help.
2006-07-13 14:37:06 · answer #2 · answered by nothing 6 · 0⤊ 0⤋
Contact the credit bureaus Experian, Transunion, Equifax and report that you did not authorized them to pull your credit more than once.
Contact the Better Business Bureau and file a complaint.
Contact a tort lawyer and sue. If they do this often, you might get a class action suit going.
Use Rodney Anderson with CTX mortgage in the future. www.rodneyanderson.com.
Give 'em hell! Don't sit by and let them get away with it.
2006-07-13 14:35:46 · answer #3 · answered by Thrasher 5 · 0⤊ 0⤋
Simply, you can dispute it with the credit bureau. Also, within a two week period, you can have as many as 14 (I've heard it is unlimited with one or two of the credit bureaus) checks on your credit for the same purpose and it only counts as one. A lawyer is a good idea if it doesn't get cleared with the bureau. In the meantime, go to all three of the credit bureaus (experian, TransUnion and equifax) and order your credit report from them. Then dispute each individual check on your credit
2006-07-13 14:41:26 · answer #4 · answered by Gleebicus 3 · 0⤊ 0⤋
Well, just make sure that they are using the top credit score you had. In a few months, if no credit check is ran it will go back up to it's normal score so perhaps calling in the laywers might be over doing it.
2006-07-13 14:51:36 · answer #5 · answered by ohnoslen 3 · 0⤊ 0⤋
First, write a letter (better certify it to prove it was sent and received) to the credit reporting service, asking them to (a) correct the error, and (b) put your letter in the record. There's no earthly reason for the guy to run it 22 times, although if escrow took some time, two or three times might have been necessary.
2006-07-13 14:34:42 · answer #6 · answered by auntb93again 7 · 0⤊ 0⤋
Contact an arttorney. If the morgage company ran it that many times, then they should have no problem giving you the loan because they knew what the credit score was to begin with.
2006-07-13 14:34:08 · answer #7 · answered by pamela_d_99 5 · 0⤊ 0⤋
Unfortunately that is not uncommon and not illegal unless they had no permissible purpose to pull your credit in the first place
The first thing you should do is write the mortgage company and request that they remove all but one inquiry. If they are a stand up company, the will do as you request.
If they refuse to remove them, then write to the the credit bureaus and claim duplicate inquiries and request all but one removed.
2006-07-14 04:49:33 · answer #8 · answered by echo 7 · 0⤊ 0⤋
Unfortunately, it is not illegal. When you grant someone permission to run your credit, the creditor is not limited to how many times they can run it. In the normal mortgage process, the credit is run initially, mid process and again right before closing. There is really no recourse you can take. Sorry.
2006-07-13 14:35:02 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Do what ever it takes and get that straightened up. Call a lawyer that should have to be corrected.
2006-07-13 14:34:05 · answer #10 · answered by Andria K 3 · 0⤊ 0⤋