Why So Many Credit Checks?

Several stories in Greek mythology warn of looking too soon at the prize you are about to obtain. In the myth of Orpheus and Eurydice, Orpheus travels to the Underworld to rescue his wife Eurydice and bring her back to the world of the living. Hades agrees to release Eurydice to go back to the world of the living with Orpheus, but only on the condition that Orpheus must walk in front of Eurydice and that he must not look behind him until they have both returned home. Orpheus obeys, and he makes the long journey out of the Underworld, with Eurydice behind him. He crosses the threshold into the world of living, but when he does not immediately hear Eurydice’s footsteps behind him, he looks back, only to see Eurydice falling back into the Underworld. Likewise, Perseus cannot succeed in his quest to slay the Gorgon Medusa if he looks directly at her face; he can only look at her reflection in his sword. You should think of your credit score as something that can hold the key to your future, and that you can mess things up if you peek at it too often. If your credit score is teetering on the brink of loan eligibility, and one credit pull could make or break it, contact a Boca Raton credit repair lawyer.

Lenders Should Be Transparent With You Before Doing a Hard Pull of Your Credit Score

Before issuing a loan, lenders do a hard pull of your credit score, where they formally request your credit reporting from one or more of the three credit reporting bureaus. If the lender approves the loan and you receive the money and start repaying it, all is well. The problems start when the credit reporting bureaus receive multiple hard pull requests within a short timeframe; this can lower your credit score. Unfortunately, when you borrow an auto loan from a dealership, you might get multiple credit score pulls, as the dealership inquires with different lenders before deciding which loan to issue you.

The good news is that the dealership must get your signature on an informed consent form before running the credit checks. You should read the form carefully and see how many credit checks the form authorizes. Ask the dealership before you sign if you have questions about the loan approval process or how it might affect your credit score. If the process involves more credit pulls than you consented to, you can dispute these with the credit reporting bureaus. You might be able to get the credit reporting bureaus to remove them from your credit report or to treat all the credit score pulls associated with the loan application process as one credit score pull.

Work With a Debt Lawyer About Protecting Yourself From the Destabilizing Force of Credit Pulls

A South Florida debt lawyer can help you get your credit score and overall financial situation into shape to apply for a car loan.  Contact Nowack & Olson, PLLC in Boca Raton, Florida to discuss your case.

Source:

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