Dear Dale,

Good book. Read it over the weekend. Having problems with a company that tried to run (unsuccessfully) a credit report on me. When it didn’t automatically load into their underwriting software, newbie officer thought his computer was screwed up and tried to process it again. To date, I have 8 “hard” inquiries now on my file from his incompetence. Any suggestions for how to fix this? It’s been going on for 3 weeks and we’re getting nowhere fast. He tried (he says) contacting the reporting agencies and they said “too bad” while my score keeps heading south. Need a solution fast or must wave goodbye to home.

Thanks
– Kathy P.

Hi Kathy, Glad you enjoyed The New Rules for Mortgages; good thing I put in that extra long chapter on credit!

The system has a way of viewing multiples inquiries made from the same company (or for the same reason) and counting them as one within a certain period of time. They are coded within the bureaus’ system and this should not be a big deal. I cannot imagine him not be able to easily take care of this, so call his manger and ask for help.

In addition ask them to do a rapid rescore recovery on your FICO Score after they make the change. What this does is quickly correct any errors or changes made in your credit profile and recalculate your credit score immediately. This takes about a week instead of the usually 30-60 days. Typically, the consumer cannot do this directly and it must be done through a certified credit reporting agency. Ask the loan officer to follow up with his credit reporting agency. There is a fee for this, but it is worth it. I would even ask the loan officer to pay if since it was his fault!

This happens often, but it should not have lowered your FICO score too much. You might want to get a copy of your credit report from the loan officer. I would also follow up with each of the three credit bureaus. Go on their sites or call them and ask what the process is for removing multiple (erroneous inquiries). Do not go to a credit repair company, because they cannot perform this service and will charge big bucks. Waste of money and time for you.

Yup, his mistake is your problem.

Happy Thursday,

Dale Robyn Siegel