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Rockwood
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Subject: Remove Inquiries
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Thu Jun 04, 2009 5:49 am
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Recently I was denied a car loan. Yesterday I discovered that the same bank had made 6 inquiries on my report within 3 months. Can they pull my report any number of times for one loan application? Can i apply for a loan in other banks with so many inquiries on report? Someone please help  |
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rachael
Joined: 11 May 2009
rachael's page
Posts: 244
6581 Magic Points
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Thu Jun 04, 2009 6:09 am
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Hi Rockwood,
As far as I know, you cannot stop a creditor to pull out your report if they have a permissible purpose. Hard inquiries lower your score by 2 to 50 points, so you can try remove the hard inquiries. You will find a sample letter for Removal of Hard Inquiry in the Letters of Credit section.
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Looking forward to a debt-free life. |
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scott
Joined: 28 Jun 2006
scott's page
Posts: 462
10934 Magic Points
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Thu Jun 04, 2009 6:23 am
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Hi Rockwood,
I think you should also look for other negative items on your credit report that are keeping your score low. If you apply for a loan to a second bank, and they deny, there will be other inquiries. Your score will go further down. So it will be best to try and improve your credit score, before you apply for a loan once again.
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SCOTT
Use your credit account responsibly and enjoy a debt free life. |
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angel
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Thu Jun 04, 2009 10:54 am
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Hi rachael,
what do you mean by permissible purpose? |
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rachael
Joined: 11 May 2009
rachael's page
Posts: 244
6581 Magic Points
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Thu Jun 04, 2009 11:19 am
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Hi Angel,
"Permissible Purpose" are certain conditions under which the credit bureaus, allow the creditors to pull out your credit report. The conditions are explained in the Fair Credit Reporting Act. You will find the details of the instances when a creditor is allowed to view your credit report in the following link: http://www.transunion.com/corporate/business/clientSupport/resources/p ermissiblePurpose.page
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Looking forward to a debt-free life. |
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samual
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Subject: Debt Collection Lawyer
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Fri Jun 05, 2009 12:08 pm
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| Its very good blog for the people who are heaving credit theft problems. Our Lawyers will give you full protection from all these problems. |
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