Saturday, April 25, 2015
"Shotgunning" of inquiries for auto loans sometimes drag down credit scores of unsuspecting consumers
Recently, a few media sources have warned consumers that their credit scores can go down if the allow used car dealers to “shotgun” for loans, and make multiple inquiries. One such story is here.
However, Experian (which used to be Chilton, where I worked in Dallas in the 1980s) explains that all inquiries for an auto loan within a given period (usually two weeks) is scored as a single inquiry. Experian has a statement in a letter answering a question here. By the way, I did not personally work on the interface with Fair Isaac t Chilton, although I worked with people who did; I worked on the company's member billing systems (mainframe systems) and stayed very busy a few years.