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Can You Sue a Car Dealer For Excessive Hard Credit Inquiries?
I got this question, “Can I sue a car dealer for bad credit?” when exploring keywords on my blog and I thought this would be a good topic to discuss more.
First, What is a difficult question?
There are two types of credit inquiries, hard and soft.
A hard inquiry is a credit inquiry that is drawn up for the purpose of obtaining credit. These types of questions are usually drawn on things like a home, car or personal loan. Landlord and tenant credit screening services are also considered difficult questions.
A soft inquiry is a credit inquiry asked for informational purposes. If you apply for your credit on a site like AnnualCreditReport.com, this is considered a soft inquiry and does not deduct points from your score. In addition, creditors you do business with can now pull soft inquiries to perform account reviews and assess your current creditworthiness. The offer of “pre-approved credit” does not count as hard inquiries. Inquiries about credit in insurance and employment also fall into this category, as they are not intended for the purpose of granting you credit.
How many points can be deducted for credit?
o Each “hard” credit inquiry (which means that the borrower has applied for a certain type of credit, causing the lender to check the credit report or score) is calculated and usually takes no more than five points from the individual’s score.
Auto Loan Questions
Loan and home loan inquiries are handled separately since 2004. Because many people like to shop around for home and car loans, the credit bureaus have noticed that each inquiry has a negative impact on credit scores because. many deductions. This practice was damaging the borrower’s credit score and not allowing the borrower to shop around for the best rates and terms.
So, Fair Isaac changed the rules a bit for Auto and Home Loan credit inquiries:
o The credit scoring model recognizes that many consumers shop around for the best interest rate before buying a car or home and that their search may result in many lenders asking for their credit report. To offset this, multiple car or mortgage inquiries in any 14-day period count as one enquiry.
o In the new formula used to calculate the FICO score, that 14-day period has been extended to any 45-day period. This means customers can shop around for a car loan for up to 45 days without affecting their score. But the old 14-day rule may still apply to some lenders who don’t use the new version.
o The new version of FICO went online to all three credit bureaus — TransUnion, Equifax and Experian — in 2004. It usually takes months for lenders to adjust their systems to accommodate the updated formulas — and some lenders never adjust. .
o The FICO score ignores all loan and auto inquiries made within 30 days prior to scoring. If you get a loan within 30 days, inquiries will not affect your score while selling.
How to Avoid Too Many Hard Auto Queries
If you want to avoid taking too many hits on your credit while shopping for a car loan, you should set aside two weeks to fully focus on getting your financing.
o Find Out What Your Credit Score Says:
In order to shop for a loan without being asked too many credit questions, you need to know what your credit score is. This will help you determine if you are “bankable” or if you will have a hard time getting money.
You can get an estimate of your FICO Score to give you an idea of your current score range, or you can purchase a 3-in-1 Report with FICO in one easy-to-read report for just $39.95 to get a better idea. what is your credit score
o Get pre-approval from the Bank:
Now that you know where your credit score is, call around to local banks in your area and ask, “What is the minimum credit score required to get pre-approved for a car loan?”
If you know that your credit score falls within the “approval guidelines”, then ask what interest rates and terms, such as how much payment they will require.
After you have decided on a borrower with the most favorable terms, go to that bank and apply. Some banks even have an 800 Phone Loan Center or online application process available so you don’t have to go anywhere.
Once you are pre-approved by your preferred lender, you usually have 30 days before the pre-approval expires.
If you decide to go this route, you’ll not only get the best interest rate without doing too many credit inquiries, but you’ll find out how much you’ve been approved for, which will make buying an auto easier in the long run. run away.
o Getting Auto Financing If You’re Not “Bankable”
If your credit score falls below what the “bank” found, you will need to find financing elsewhere. There are several ways you can do this.
1. You can log on to the Vehicle Financing Network. These networks have access to many lenders and their leads. They will have to pull your credit to find out what your score is themselves, but then they have access to many car loan companies that focus on “less than perfect” customers. Once they decide which lender has the best chance of being approved, they will send your application together.
2. Go car shopping and when you find the car you want, the dealer will be more than happy to submit your loan application to multiple lenders. Remember, if you decide to go this route, you have 14 days of unlimited credit to count as 1 withdrawal.
If you continue to do this month after month, you will see about five points deducted from your score each time your credit is pulled.
The answer to the first question – “Can you sue a car dealer for asking too many questions?”
Civil liability for knowing non-compliance: “Any person who obtains a consumer report from a consumer reporting agency under false pretenses or knowingly without a lawful purpose shall be liable to the consumer reporting agency for damages caused by the consumer reporting agency or $1,000, whichever is greater.”
What does this say…..READ WHAT YOU SIGNED! If you have applied for financing for a car business, you must have completed a loan application. Did the papers you signed say they will apply to multiple lenders?
If you didn’t give them permission to pull your credit, then you could be liable for a $1,000 lawsuit, but in my opinion, it would be more trouble than it’s worth. The easiest way to deal with this situation to your advantage, is to dispute the questions with the institutions that keep information about the loan prices they report.
If the lenders who pulled your credit can’t demonstrate “legitimate intent”, then the credit reporting agencies will remove these inquiries. If the debtors come back saying that they have a legitimate intention, you have every right to ask them for supporting documents. Also, if they can’t come up with those documents, the credit reporting agencies will have to remove the inquiry.
Once most inquiries or inquiries are removed, you should see an increase in your credit score. It’s a little work on your part, but a lot easier than trying to sue for $1000.00.
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