My husband and I are going thru the process of a mortgage. We looked at his credit report the other day and have found that the mortgage company we are using has pulled our report a total of 7 times. On two occassions equifax Mortgage serivces on behalf of the bank show up and right under it Standard federal bank shows up (same day). There is 2 inquiries that happend 2 days apart, same bank. I have never seem this before and of course you know our scores have dropped. I can't wait until Monday to see what they have to say about this. Never had this problem the last time we bought a home. can anyone give some insight on this? Jade031
Explain to the bank what has happened and have them correct the problem. They will update the CRA for you. Fortunately, multiple inquiries for mortgage purposes (if they are coded correctly) within a 2 weeks span should all count as one inquiry. This allows you to "shop for rates" without hurting your score by looking like you were applying for multiple loans. (it may be longer for mortgages, and 2 weeks for auto loan inquiries - check on this because I am not sure of the duration) -Peace, Dave
I was told by the local equifax affiliate that its 27 days for Mortgage inquiries to count as one. I would think your window for inq would be longer for mortgages than a car.
this is the same bank. i am trying to understand why they would need so many inquiries. This makes no sense to me. Jade031
