Unauthorized credit pull....?

Question

A large commercial lender accidentally pulled credit on one of my borrowers causing his credit score to drop. He now no longer qualifies for the program that he needs. This pull was never authorized. I called the lender that performed the credit inquiry and they stated that it was a mistake. What are my options?

Answer 1

If the lender did not have permissible purpose to pull a hard inquiry - such as the person they pulled the inquiry on did not apply for credit with them, does not have an existing account with them, etc. the person should contact the credit bureau the inquiry was pulled on and request the inquiry be removed due to the fact the commercial lender made a mistake in pulling and had no permissible purpose.

Disputing hard inquiry's should always be done with caution as it could lead to problems if the creditor did have permissible purpose.

Answer 2

Get it in writing from the lender that did it. Make sure it's on letterhead and specifically states the error and their intention to fix it with the credit bureaus. Get it faxed to you.

There's a rapid rescore process available from many credit bureaus, and you can probably do it yourself quickly too just by sending it certified mail to the bureaus. It can take 10-30 days, but it should be fixable.

But you still must have your own report that is still one more hit against it, otherwise you wouldn't know about the unauthorized pull and lower score. So you'd have to send your own letter too. And I honestly don't know how the credit bureaus will handle it, if they'll really delete them or not. I've been unsuccessful with it.

Answer 3

prove it wasnt authorized. I had the same thing happen and there's really nothing you can do about it.

Answer 4

explain it to the agency and wait for months for them to change it