I found this on the Lending Tree website: At the present time, Fair, Isaac and Co. (the company that provides â??FICOâ? credit scores) reports that, for mortgage, home equity or auto loans, it consolidates all credit inquiries that occur within a 14-day period into one inquiry for scoring purposes.
This is a catch to this. All inquiries are counted as one, IF they are pulled within a 14 day period from the same affiliate. Eg. The mortgage company pulls 4 inquiries on you, from Credco on Equifax. This would be counted as one. If the lender goes in and pulls four inquiries on Equifax from four different affiliates - eg. Credco, Advantage, etc. then they are counted as four different inquiries and not as one. Dani
No, I think that is wrong Dani. They don't penalize you for multiple inquiries from different sources becasue they recognize it as "rate-shopping".
Off topic but how did it go with Collectech. I have a disputes pending with Experian and Equisux and three weeks in no response yet. Think I spooked them off. How about you?
No, they do penalize you. I would happy to show you the seven real estate inquiries that show on my Equifax, TU, and Experian reports, as well as, a couple recent denials because of "too many inquiries" when the only inquiries I have our mortgage related (they only should be counted as two - if the 14 day bit is true). Also, both the mortgage lender, the mortgage broker, TU, and Experian have confirmed that the inquiries are being reported as seven HARD inquiries rather than 2 HARD inquiries. Equifax is the only one that has coded (1/2 of them) correctly - so on that report I only have 4 hard inquiries. Experian has since transferred them to soft inquiries, TU and Equifax refuse to. Dani
LW- I have to call the lawyer AGAIN tomorrow, he hasn't even filed yet. I'm getting very frustrated, but I am too chicken to file on my own, I was considering filing in Small Claims, but decided against it. They have however "failed to respond within 30 days" and got deleted off EXP and EQU, they have until Friday to delete from TU. I will keep you posted if and when this moves along!
Are the inquiries counted as one just mortgage inquiries, or also other ones for things like credit cards? How do they differentiate the inquiries as to the reason it was pulled, is there a certain code on the business credit report?
Auto, mortgage, and insurance inquiries are supposed to be coded if they are pulled within 14 days, BUT (this is what TU and EX reps said) they must be pulled by the same affiliate to be coded as such. Fair Issac won't give me a straight answer on it though so I'm not quite sure who to believe. The problem with my mortgage inquiries is that the lender used different affiliates so the 3 bureaus have them marked as hard (after the lender sent a change order over to EX they reported them as soft), TU & EQ won't change it. Unfortunately, credit law can be interpreted in many ways and has many loop holes, so no advice/information given is set in stone. And with Fair Issac not releasing information besides "yes and no" answers we can only take the information that we are given by the bureaus and creditors (most who don't understand the law themselves). It's a no win situation. But, back to your question the only way you can know for sure if they are being coded correctly is to retrieve a lender report. This will be able to tell you if "rate shopping" inquiries are being reported/coded the way they should. Also, credit card inquiries don't apply to this 14 day rule. Dani
