I just got my credit report and I saw so many different credit checks that I didn't authorize ...mostly car dealerships and mortgage companies...I'm wondering if this is normal and if not, what can I do? I heard every time your credit is checked, it ruins your score....
I'm really worried, what should I do?
2007-09-02 12:21:05 · 7 answers · asked by It's me 2 in Business & Finance ➔ Credit
"Hard" inquiries are ones you initiate like when you fill out your rental application. "Soft" inquiries are ones from companies that want to send promotional information like those pre-qualified credit cards you receive in the mail. Soft inquiries do not affect your credit report. Hard inquires can lower your credit score but probably won't. Reporting companies have grace periods in place to account for times when multiple hard inquiries may be needed. So hard inquiries made 30 days before home or auto loans count as one and multiple hard inquiries within 14 day periods count as one.
2007-09-02 12:27:33 · answer #1 · answered by Barkley Hound 7 · 0⤊ 0⤋
They can only check if they have an affilliation of some sort with you. You go into the car dealership and give them your information and now they shop the loan out. The back end lenders are affiliated with the dealership who is affiliated with you. That is the connection that keeps it legal. Theoretically, the inquiries shouldn't count against you for 30 days, but I have seen both sides.
2007-09-02 13:15:18 · answer #2 · answered by Charles J 1 · 0⤊ 0⤋
Even a hard credit inquiry only dings your score a few points and it rebounds quickly. It's when you have a lot of inquiries around the same time that it can actually hurt you.
2007-09-02 12:33:10 · answer #3 · answered by bdancer222 7 · 0⤊ 0⤋
yes this is another way of the companies to advertise stuff to you such as preapproved cr edit cards and any other junk they are selling there is nothing you can do about it is not illeagle sometimes it affects you credit rating but mostly it doesnt it all depends on the financial people you deal with they should onlly go by your payment history not inquires
2007-09-02 12:31:03 · answer #4 · answered by raiderskip 3 · 0⤊ 0⤋
sounds like they are fishing for information. mortage companies usually sell your account to another company, but do not tell them information about you unless they sell the contract to them. also, once your name shows up under the county tax files, some companies go and try to find out anything they can about you and say that they have a great program for you. don't get caught in this type of trap.
2016-05-19 21:44:58 · answer #5 · answered by ? 3 · 0⤊ 0⤋
This kind of activity makes me think that you might be a victim of identity theft. I would contact the three major credit bureaus and question them about this activity. I would assume that they will do an investigation. Better safe than sorry.
2007-09-02 12:31:05 · answer #6 · answered by r2sue2 3 · 1⤊ 1⤋
Yes they can but they are not considered hard inquiries...only those you authorize are considered hard and therefore can effect your credit score.
2007-09-02 12:26:45 · answer #7 · answered by HouAnswerGuy 6 · 0⤊ 0⤋