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Please help! A mortgage broker that steered me to a horrible loan, has been randomly pulling my credit (6 times). I just had the courage to look at my report today. I was shocked. He pulled my credit like every 3 months, I was totally unaware. What can I do???
Thanks,
Kerry

jameshogg

Hi Kshel,

Welcome to forums.

The broker might have pulled your credit every 3 months because he was perhapos intersted to check whether your credit is ok or has chnaged after a month or so. This is mainly because brokers generally have contacts with different nationalized lenders ans they try to get thgeir client's loan processed through these lenders. And, the lenders may have asked for your credit information which is why the broker might have checked through your credit.

Know more on how credit pull or inquiry affects your score .

Thanks

khsheldon · Joined: 15 Mar 2008 Posts: 3 2.52 Dollars($)

I believe he was more interested in getting me to refi into another loan, so that he could get another big commision at my expense. What about the fact that all these unauthorized inquiries have had a negative impact on my credit. Sorry if I sound bitter, but I am. I admit that I was not financially savvy when I got the loan, but I am trying to educate myself. What can I do to stop him from doing this again??? Thanks for your help,

Kerry

Jessica · Posted: Mon Mar 17, 2008 3:05 am Post subject: RE: how to stop inquiries

Hi Kerry,

What I suggest is, talk to the broker first and explain what you think about the inquiries. You don't want to get into a tussle with the broker as you are looking for a loan. Moreover, if he's pulling the credit every 3 months and there aren't major changes taking place on your credit, then you can request him to stop taking out your report and place your loan quickly with the right lender. If you get anything positive out of this, that's fine. Otherwise, report this to the bureaus.

The fact remains that the broker pulling out your report is treated as hard pull which reduces your score as it gives the impression that you are applying for too much of credit simultaneously.

Regards,

Jessica.

Guest

Thanks Jessica,

I'm not looking for a mortgage right now, just trying to clean up my credit. I am not even condsidering a mortage until I can get out of the subprime market (learned that lesson the hard way). I am interested in learning all I can so when I am ready, I can do it the right way. What FICO number and length of time do you suggest.

Jessica

Hi Kshel,

Welcome back.

It's really good to know that you're trying to clean up you credit before taking up a mortgage loan. If you wish to get a mortgage at reasonable rate of interest, the best is to have a score of 660 and above.

However, if you have a score of around 580, you may qualify for FHA loans provided you satisfy other criteria as mentioned in a previous discussion on Credit score for FHA loans .

By length of time, do you mean how long you need to wait? I should say you are the best person to decide upon this. Analyze your financial situation, bring your score to a desired level and only then go for a mortgage. It's a big responsibility after all and something that is associated with your home.

By the way, what is your score like now?

Regards,

Jessica

Guest

574 is the highest of the three, the lowest is 534. If I succeed in getting the inquiries off and when my loan modification goes thru, I hope it gets better, like I said, I just started the repair process. I asked about the FHA Home secure program, but before my rate adjusted I was late one time and a Mortage guy told me that, that makes me ineligble. Which is ironic, because I thought that the plan was to help people who are in trouble due to ARM's adjusting,
Thanks,
Kerry

Jessica · Posted: Thu Mar 20, 2008 5:01 am Post subject: RE: credit pull and mortgage

Ok so that's your score. Now, like you said, try to remove the inquiries. if required go through the self-help credit repair section available here for further tips on how to improve your credit.

Regarding the FHA Secure, well it's available to those who are finding it difficult to pay their loan but have not been late on payment for 30 days or beyond.

kpatrick · Posted: Thu Mar 20, 2008 2:13 pm Post subject:

This guy is totally overstepping his bounds, and if I were you I would deal with it directly by speaking with his manager. FCRA (Federal Credit Reporting Act) states that you must have permission to pull someone's credit, and if he is doing so without permission, you could pursue him for a $1000 penalty.

I am not saying to run out and sue this guy, but you need to read up on the FCRA at http://www.ftc.gov/os/statutes/031224fcra.pdf , so that you are prepared to explain to this guy that you will not stand for any more unauthorized access to your credit file.

Good luck, and don't be afraid to protect your credit. In this day an age, it is all-important!

Guest

Thanks for the help. I have drafted a letter, but I will read up on the FCRA before I do anything. One more question, can he say that the original application from 2005 gives him permissable purpose. It seems far fetched, because that would be like giving him a lifetime to pull my credit willy nilly. Does it make it any worse, that he did this to me and my two friends. It just really smacks of Predatory to me.

Posted: Thu Mar 20, 2008 8:41 pm Post subject:

Did you give him a lifetime right to pull your credit for ever and ever, when you signed that loan paperwork back in 2005--Absolutely Not!

When you sign paperwork for a loan, that entitles the mortgage company to act on your behalf in the interest of getting THAT transaction closed. Once it is closed, so is his right to access your credit.

I am really sorry that this happened to you and your friends. It is people like this in the mortgage industry that make it harder for the honest one's to make a living.

Do everyone a favor and make sure this guy understands that this is not the right way to conduct business. I think a call to the BBB would not be a horrible idea.

gmakerley · Posted: Fri Mar 21, 2008 10:19 am Post subject:

i submit that you ought to take whatever measures are necessary to get this cretin to stop. if that means reporting him through the auspices of fcra, so be it.

individuals such as this give a bad name to those of us who are honest in our dealings with the public (and that is almost everyone).

john6 · Joined: 23 Jun 2008 Posts: 36 17.36 Dollars($)

I truly hope the loan officer that is pulling credit like that gets a wake up call because im sure its not just on your file you know? im sure if that happened to you its a common practice with him or her and im sure he learned it from someone he or she works with. you really have to get that guy fired just to teach him a lesson and im a loan officer and would never think to do that.... seriously you have to do it not for your sake as much as everyone that guy has taken information and is doing this to still....

[Promotional text deleted as per the forum rules.]

brian1 · Posted: Wed Jun 25, 2008 9:03 pm Post subject:

John have you read the rules of the forum? There is no direct solicitation allowed.

john6 · Joined: 23 Jun 2008 Posts: 36 17.36 Dollars($)

can my post be erased?

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