Recently I've submitted the online credit inquiry form from the dealer after finalizing the car (online). I visited the dealer and because of some reason (car interior) i didnt buy the car. When i checked on the day of submitting the credit inquiry form, saw one credit check. But later i saw another credit check as well which brought the credit score down significantly. Since there is no transaction/purchase, how should i get the credit score corrected? Disputing the activity from an option from credit history site would help to fix?
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Please clarify, what is significant? What was your score, and what did it drop to?– Pete B.Commented Jun 18 at 16:59
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2 Answers
In the United States multiple hard inquiries may not make a big change to your score.
According to Equifax
Exceptions to the impact on your credit score
If you’re shopping for a new auto or mortgage loan or a new utility provider, the multiple inquiries are generally counted as one inquiry for a given period of time. The period of time may vary depending on the credit scoring model used, but it's typically from 14 to 45 days. This allows you to check different lenders and find out the best loan terms for you.
All new auto or mortgage loan or utility inquiries will show on your credit report; however, only one of the inquiries within a specified window of time will impact your credit score.
This exception generally does not apply to other types of loans, such as credit cards. All inquiries will likely affect your credit score for those types of loans.
If the credit application is being reported, then that is accurate. The purpose of keeping the application in the history is to let all lenders know that your are trying to get a auto loan. The policy of only counting all auto loan applications as a single hit on the score is to allow you to apply to multiple lenders to get the best deal.
Trying to get the application removed would have little impact, even more so if you are just going to apply again.
answered Jun 17 at 13:11
You can dispute the inquiry through the credit bureaus, just as with any information on a credit report, but since you consented to the credit check you don't really have a leg to stand on. (The best case for you would be if the dealer decided to not even bother responding to the inquiry and you prevailed by default.)
But the hit to your credit score from a single hard credit inquiry will be quite minor, and will go away after 12 months, so this is probably not something worth worrying about. Certainly your credit score will fluctuate (both up and down) for far stupider reasons than this.
