I've come across this question, "Can I sue a car dealer for your questions about over-rigid credit?" I looked at the search terms in my blog and thought it was a good topic for further discussion.
First of all, what is a difficult investigation?
There are two types of loan query: hard and soft.
A rigorous inquiry is a credit query sent to receive a loan. Such questions often fall for things like home, auto or personal credit. Demand for landlords and tenants display services credit are also considered harsh demands.
A mild inquiry is a credit query that is requested for information purposes. If you request your own credit through a site such as AnnualCreditReport.com, it is considered a soft inquiry and does not lower your score. In addition, creditors who are currently doing business can perform a gentle query to make an account review and evaluate your current credit value. . Pre-approved loan offers kredi do not count as difficult demands. Credit requests related to insurance and employment fall into this category because they are not made to give you credit.
How many points can be cut for a credit query?
o Each gelir hard kredi credit investigation normally means that a person normally does not fall more than five points from a person's score, and that the lender should check his credit report or score (which means that the consumer applies for some credit).
Auto Credit Requests
The demand for auto loans and mortgage loans has been slightly different since 2004. Because most people enjoy shopping for both home and auto loans, credit bureaus acknowledge that each survey has a negative impact on credit scores. multiple shots. This practice hurt the consumer's credit rating and did not allow the consumer to shop for the best prices and conditions.
So, Fair Isaac has changed the rules for credit demands for Auto and Home Loan slightly:
o The credit scoring model acknowledges that many consumers are shopping for the best interest rates before buying a car or home, and that their calls may cause multiple lenders to request a credit report. To compensate for this, more than one automatic or mortgage request in any 14-day period is counted as a single investigation.
o In the most recent formula used to calculate FICO points, the 14-day period was extended to 45 days. This means consumers can shop for an auto loan for up to 45 days without affecting their score. However, the 14-day old rule may still apply to lenders that do not use the new version.
o The newest FICO release is now available in all three credit institutions (TransUnion, Equifax and Experian) – in 2004, typically it takes months to fix lending, so they can take revised formulas – and some lenders never adjust .
o FICO score does not take into account all mortgages and auto queries made within 30 days of scoring. If you find your debt within 30 days, your questions will not affect your score while shopping.
How to Avoid Multiple Constant Automatic Queries
If you want to avoid having multiple hits on your credit when you're shopping for an auto loan, you'll need to set a two-week period to concentrate fully on funding.
SHE IS Find Out What Your Credit Score Is:
In order to shop for borrowing without having to query multiple credits, you need to know what your credit points are. This will also help you determine whether you can yardımcı borrow yardımcı or if you have difficulty in getting funding.
You can get an estimate of your FICO Score to give you an idea of the current range of your points, or you can buy it for $ 39.95 with FACO in a single report to read a complete report with FICO. 39; You know exactly what your credit points are.
SHE IS Pre-Approval in a Bank:
Now that you know what your credit points are, look for local banks in your area and say, "What is the minimum credit score that needs to be approved in advance for an automatic loan?"
If you know that your credit points have dropped to şartlar approval rules lar, then ask what the interest rates and terms are, as they would require a down payment.
Once you have determined the lender with the most favorable terms, you should contact that bank. Some banks even have 800 Telephone Credit Centers or an online application process, so you don't have to go anywhere.
Normally, you have 30 days after the pre-approval period has expired.
If you decide to go on this route, you'll not only get the best interest rate, but you'll also learn how much you've approved and how to shop for a car. easier in the long run.
SHE IS If you are not from the "Bank"
If your credit points fall below what you found to be "negotiable," you need to find funding elsewhere. There are several ways to do this.
1. You can go through the Online Vehicle Financing Network. These networks have access to multiple lenders and guides. They will have to take your credit to find out what your points are, but they will then have access to many auto loan financing companies that specialize in consumers who are "less than excellent credit". After you decide which loaner is most likely to be approved, they take your application forward.
2. Go to automatic shopping and when you find the tool you want, your dealership is happy to give your loan application to more than one lender. Keep in mind, if you decide to pass this route, you have to withdraw unlimited credit from 1 to 14 days to count.
If you continue to do this month each month, you will see that your score will be down by 5 points each time your credit is dropped.
The answer to the original question – "Can you drive a car dealer for your extreme difficult questions?"
Legal responsibility for knowing non-compliance: "Consumer is liable to the consumer reporting organization for any damages caused by the reporting organization, the consumer reporting organization or the consumer reported by the consumer, under a counterfeit claim or without any unauthorized purpose. Great. "
WHAT it boils … … YOU SAVE! If you have applied for financing with a car dealer, you must have completed a loan application. Did the documents you signed tell you they would submit your application to more than one lender?
If you did not give them permission to withdraw your loan, then you can sue for $ 1,000, but in my opinion, you will have more difficulty than value. The easiest way to address the situation is to appeal to the credit bureaus reporting the claims.
If creditors who lower your credit cannot prove the "permitted purpose", credit reporting agencies will eliminate these claims. If creditors indicate that they have given permission, you have the right to ask for proof. Again, if they cannot find these documents, credit reporting agencies will have to remove the investigation.
Once the query or multiple queries are removed, you should see an increase in your credit scores. It's a little work on your part, but it's a lot easier than trying to sue $ 1000.00.