Forums
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 :(
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.
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.
Hi rachael,
what do you mean by permissible purpose?
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/pe…
Debt Collection Lawyer
Its very good blog for the people who are heaving credit theft problems. Our Lawyers will give you full protection from all these problems.