BEWARE – An Unknown Hard Inquiry Can Cost You Hundreds of Dollars a Month
Have you ever walked into a car dealership ready to replace your 7 year old Honda that is starting to require costly repairs confident you qualify for a No Down Payment Zero-Interest or 1% loan they’ve been advertising every night on tv?
The last time you checked your were told your credit score was 740+. That zero interest 60 month car loan will only have a monthly payment of $240 so you test drive the model you’ve been eyeing every time you drive by the dealership on your way to work.
You pick the color you want, make your offer and the car salesman comes back and tells you he’s sorry but you don’t qualify for either the zero interest or 1% loan — instead the best deal they can give you is a thousand dollars down and a loan at 8% so your payments will be $350 per month instead of $240.
At first you’re heart sinks, then you feel like kicking that slippery white shoed car salesman you know where, then all of a sudden your eyes focus in on that beautiful new car in the show room and you start justifying to yourself that $350 a month won’t be so bad and you drive home in your dream car accepting the $350 / month 60 month loan.
Why is your new car costing you an extra $90 X 60 months = $5,400 ?
One of the most common senarios of how this happens is … The Home Renovation Company That Knocked on Your Door a Few Weeks Ago Asking If You Wanted Them To Give You an Estimate For New Windows …
Put a “Hard Inquiry” on Your Credit Report Without You Knowing … BEWARE Companies Like This Do It All The Time.
They pull your credit report which is a hard inquiry without you giving them permission and without even knowing what your Social Security number is. It happens all of the time and they get away with it because very few people know that they made the hard inquiry by pulling your a copy of your credit report. So you are asking, “How were they able to do a hard inquiry by pulling my credit report without knowing my social security number?”
They’re able to do it because credit bureaus refuse to impose meaningful verification requirements on their customers … their customers being companies who pay them to view consumers credit reports. The home renovator creditor requesting a credit report is able to provide less information to the credit bureau to obtain your credit report than the credit bureau will require from you if you are disputing a negative credit item on your credit report.
When a creditor or potential creditor like the home renovator requests a consumer credit report, the Big 3 CRA’s (Equifax, Experian & TransUnion) require very little information from them. They don’t even have to provide the CRA with your social security number. They don’t even require the creditor to provide them with your full name. The Credit Bureaus will provide them with a credit report that is the closest match to whatever data the creditor provides them with in their hard inquiry. One CRA, Equifax, will furnish every file that is a potential match. How scary is that?
Here’s How To Get Access to a Letter That Will Get This Hard Inquiry Removed from Your Credit Report and Most Other Hard Inquiries as Well!
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