“Credit Inquiries” has been a topic of much conversation and concern in recent years. The following is current information you should know about credit inquiries you cannot avoid.
Do not try to avoid virtually all credit inquiries. A growing number of people do not want any, or virtually any credit inquiries to be pulled on them even if they are applying for credit. They tell lenders that they want to be considered for the financing without their credit being pulled. There are “credit inquires you cannot avoid”.
This is not feasible or realistic, especially if the request is in the name of an individual. In most of these cases, these request are in the name of a small business and the owner wants the request to stand in the name of the business by itself without their name.
If a business has less than 35 employees, in most cases the lender requires the owner’s credit to be reviewed.
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Virtually no lenders will decide your loan request with a consumer obtained bureau. Consumers can contact credit reporting agencies as well as outside vendors that provide bureaus and get all 3 credit reports. These reports are not the same reports that lenders obtain. Consumer reports are formatted differently and are simpler than the lender’s report. The consumer version often provides more written explanation and sometimes less numerical detail. Consumers will sometimes take these reports and tell the lenders that they want the lenders to use their consumer obtained reports rather than what the lenders use. However, the lender’s version is usually more current than the consumer’s version. The consumer version may be two or three weeks old. The lender feels that the consumer’s version may not reflect items on the bureau that may have happened within those most recent two or three weeks.
There are many outside vendors that provide intermediate party credit reports. Lenders are not, and should not be expected to know whether those vendors provide updated and satisfactory information. Lenders are not obligated to use those reports. As a result, consumers should not expect to avoid credit inquires by demanding that lenders use their consumer credit report version.
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