Inquiry De-duping

I spoke with Barry Paperno today at FairIsaac.

It turns out that in December 2001 a company that I don't recognize called American Invest Bank Executive inquiried about me twice in the same month.

So my question was, if the same company inquires about you multiple times within a certain time frame is it automatically de-duped?

Sadly enough, the answer is no. They might be de-duped if they were within fourteen days of each other and their subscriber code showed them as either auto-lending or mortgage-lending, but generally back-to-back inquiries by the same credit grantor can be damaging to your score.

Fortunately inquiries only count for 12 months, so effective 2003 I won't have to worry about it.

If you didn't give anyone a pp then you can dispute it and demand your $1000 and deletion.

Earlier this year I obtained a mortgage loan through a mortgage broker. The loan was funded by Diadco.

Diadco immediately began shopping my loan. Apparently the inquirers were looking at my current credit to measure my likelihood to continue to perform on the loan. This is permitted under Section 604 of the Fair Credit Reporting Act and results in HARD (not soft) inquiries.

"This is permitted under Section 604 of the Fair Credit Reporting Act and results in HARD (not soft) inquiries."

Any inquiries AFTER funding or made by any other entity should be A/Rs and NOT lower your scores.

Pursuant to 15 USC §1681e credit grantors and other persons with permissible purposes to access your credit report are required to "...certify the purposes for which the information is sought, and certify that the information will be used for no other purpose. Every consumer reporting agency shall make a reasonable effort to verify the identity of a new prospective user and the uses certified by such prospective user prior to furnishing such user a consumer report."

Accordingly, either:

1) Inquirers are not required to certify the reason for their use as required, in which case the credit repositories are violating their obligations; or,
2) Companies ARE certifying their purposes, but the credit repositories are not properly placing this information onto our credit profiles and disclosing this information to us.

How many times have you looked at your credit report to see the reason for an inquiry only to see the words "Permissible Purpose"? Experían® is particularly bad in this regard.

it's douggieboy, the outspoken opponent of FICO--

i see that somebody screwed up and pulled your credit report-- you don't recognize who this was and why they inquired about you, and i'm glad it hasn't caused you any inordinate damages.

how would you feel if you had a $1 M mortgage on your primary residence at 9.125%, and this mistake alone prevents you from refinancing to 6.5% because of the effect it had on your FICO score. do the math--- that's $27,250 out of your pocket because of somebody else's screw-up, and even if they put in writing that it's their mistake, you did nothing wrong, you're going to pay that huge amount out of your pocket, in cash, or be forced to sell? do you sell, knowing that the effect of the error may oblige you to take another 9% loan, or possibly not be able to get financing at all, subjecting you to a huge capital gains tax?, or do you hold on and hope mr. {UN}fair isaac may rewrite the rules in your favor??

class action lawsuits have been filed against fannie mae & freddie mac, specifying serious flaws and discriminatory practices written into the scoring models that drive loan prsospector and desktop underwriter, fannie/freddie automated underwriting programs-- "you know who" wrote them.

more info to follow here-- the attorneys in philadelphia and florida who have initiated these actions are starting with fannie/freddie; my actual damages are great enough to act as a class model. i'll post more information as it becomes available, and if FICO has destroyed your livelihood or made you homeless, you're welcome to join in.

goodnight.

...is that if a strange company that I don't know comes in and inquires about my credit without a permissible purpose and ruins my ability to get credit that I should sue Fair Isaac?

I suppose that if the Federal Reserve raises interest rates that I should sue Alan Greenspan if I have adjustible-rate mortgages?

How about if I own an apartment building and a construction company builds another apartment building nearby that increases my vacancy -- should I sue that construction company for costing me money?

Maybe if I get malignant melanoma I can sue God for making the sun too bright?

If I get heart disease and there's a history of that in my family should I sue my parents?

If a close relative is hit and killed by a car, can I sue Henry Ford for popularizing the invention with his Model T?

If my house burns down due to some kids playing with matches can I sue the match manufacturer?

If someone goes out and buys a car on credit can I sue him for driving up interest rates by using up the available sum of money, thereby costing me higher interest rates?

Can I sue Jim Carey for making the movie 'Cable Guy?'

shylock---

if a strange company comes in and makes an inquiry about you, you sue their asses for non-permissible purpose-- you might also be concerened about identity theft. before FICO, you could tell and prove to your lender that the inquiry was fraudulent, in error, and unauthorized by you, and it wouldn't stand in your way.

today, that mistake/crook/whatever.... brings down your score, and makes it impossible for you to refinance, no matter how much proof you have that you were not responsible for the entry or any related derogatory information. FICO prevents you from procuring your financing, and the lender is under contract with the investors backing your loan, so you're screwed until the problem is resolved and the magic FICO quackware gives you the right score. that's when you sue {UN}fair isaac.

one thing to remember--- banks and underwriters who create fannie/freddie mortgages are not lending their own money. the lending industry has delegated the task of evaluating borrowers to FICO. do you think you're any less credit worthy because some idiot isn't doing their job, or you've become a victim of identity theft, and false information appears on your credit report? every day that goes buy, you're stuck with unfavorable rates and terms on your loans-- you're paying alot more than you should have to, and even when the lender is provided with irrefutable evidence to this effect, they are powerless to do anything about it-- that score is absolute. imagine shelling out $200 every business day while a menagerie of incompetent, overworked, and underpaid grunts are telling you they'll take care of it, and then do nothing.

the decision-making power is what counts-- when your credit report shows a car loan reported late every month for a year and you can shove the title and "thank-you for financing your toyota with us and paying off your loan" letter under the originator's nose, you get approved. not with FICO--- the scoring model has to know what you and your banker are reading is true. a friend from church has had this happen, and today is paying 11% on her mortgages because of FICO. some day it may happen to you, and when you discover that nobody, not even your lender who knows you well and wants your business, can do anything about it, perhaps your tune will be a different one. i sincerely hope you'll never have to undergo such an ordeal--- nobody deserves it.

:(

...so one of your credit grantors put wrong information on your credit and THEN the credit repository keeps it there and your solution is to sue Fair Isaac?

Do you also sue the thermometer manufacturer when it gets too cold outside for your liking?

Suing Fair Isaac in "real" court (http://www.bayhouse.com/credit-forum/showthread.php?s=&threadid=1102)

Fair Isaac knows that their fraudware doesn't work and is based on incorrect data.

A jury recently awarded a cancer patient 2 billion dollars. The defendant, a pharmacist, had watered down the cancer medication to increase his profits.

Pharmacist = Fair Isaac

real estate professional-- long, well-established relationship with the same lender completing many projects, everything goes well; the banker is repaid principal/interest many times again.

in steps new rule, making it impossible for banker and developer to do business at all. past and present indicate this is detrimental to both. no matter--- rule is rule. mindless idiobocy.


analogy:---

banker-- banker [government backed lender]
real estate professional-- jew [self-employed borrower]
new rule-- Nazi doctrine [credit scoring]
author/enforcers of new rule-- hitler/gestapo,SS [{UNfair isaac}/fannie mae, freddie mac]


??Fair?? isaac--
doesn't that stink just a bit too ironic for comfort?---


maybe the authors of credit scoring should learn a few lessons---
http://www.rudyfoto.com/hol/arbeit.html

this isn't al Qaeda or the taliaban whose lives they're destroying. it's mine today, yours tomorrow when they march you off to the gas chamber---:mad: