Hi, I am new. I finally got the courage to look at my credit report today. It was bad. The mortgage broker who steered me to the ARM that I am fighting foreclosure on, has pulled my credit every three months for the past two years. I never asked him to do this. The most recent inquiry is in January 2008. I was already in trouble with my mortgage then and would never have applied for any kind of loan. What can I do?????
I'm not sure what problem you're trying to solve. If you're facing imminent foreclosure, I'd think some credit report inquiries would be the least of your concerns. But, if facing foreclosure isn't giving you enough to worry about you should first go back to the mountains of documents you signed for your loan to see if there's anything in the fine print authorizing them to do that. If so, end of story. If not, you probably didn't read all the fine print and should go back over the documents again. Bottom line, I'd be looking for another broker who knows what options and programs are being offered to people in your predicament. You're not alone!
I agree that you need to define the problem(s) you are trying to solve. I would also think that foreclosure threat is the largest. Your best bet is to speak with the lender/servicer ASAP. The industry is working towards working out these problems, and trying to arrange terms and conditions to avoid foreclosure(s). A financial review of all your income and expenses should be at the top of your list. Familiarize yourself with interest rates, and the actual dollar impact (on monthly payment). Go to www.bankrate.com and look at the payment calculators; work up a few "what if" scenarios. Then speak to your mortgage holder and try to work something out. I would forget about the inquiries for now, your time is best used for the larger issues.
Sorry, I didn;t explain very well. I got my loan modified with my lender Countrywide. What I'm trying to do is educate myself and repair my credit, so that I am never in this situation again. I know, it's a little late now. Everything about this loan seems shady to me. The attorney that did the settlement (reccomended by broker) was disbarred a couple months after my loan closed. How can I get him to stop looking at my credit. I don't want anything to do with him.
The broker that got you the loan is still pulling your report? If I'm understanding you properly then, send him a letter that tells him he has no permissible purpose to pull your report, and owes you $1000 for each pull, and will owe $1000 for each and every pull in the future. Might get his attention.
First, are these pulls "soft" or "hard"; are they listed in the section "viewed by others" or under "viewed only by you"? "Soft pulls" have no effect on your credit score, nor do they show up on a manual review. You need to define what type these pulls are.
Mortage broker They are hard pulls. My friend used the same broker and he's done the same thing to her. I have been reading about permissable purpose but how long would this last? I have had no contact with this joker since 2005, and in 2008 he can pull my credit as his leasure? Something is wrong with this picture.
Once the credit transaction is done, they should be stopping the inquiries. However, read the fine print in your mortgage, there may be some language you've agreed to that allows these pulls. Just double check before acting. Just to be clear, this is the broker pulling the inquiries, not the mortgage holder/servicer correct?
Yeah, I'm positive it's the broker. There are a couple pulls from Countrywide. I don't have a problem with that because I owe them money and applied for a modification. This guy is sitting around monitoring my credit so he can try to make another big fat commision of of my stupidity. I will (with help from you guys) take care of the pulls that he's already done, but how do I stop him going forward. Is there a cease and desist letter that I can send??
A summons to a law suit for violating the FCRA [15 U.S.C. § 1681b] would surely get his attention and maybe get you some payback under 15 U.S.C. § 1681n(a)(1)(b).
Ok, so I went thru all the documents that I have from the closing of the loan. There is nothing in there relating to the broker. It's all from the lender. I don't remember signing a contract with the broker, but that doesn't mean it didn't happen. Should I send a letter requesting to see his permissable purpose in pulling my credit this many times since the loan or send a letter demanding that he stop or just send one letter saying both? Also, how much might this have affected my credit score?
I would send a letter asking for both. I dont think it can hurt you. Im not sure about the credit score aspect, but I will try and find something out.
Thanks, I guess you can tell I'm a little steamed about the whole affair. I know it's my fault for signing documents I didn't quite grasp in the first place.
