Dealer rules for running credit checks

n54_335 · 03-06-2008, 01:23 AM

I was just wondering if anyone knew the rules for a dealer running a credit check on you. I had my credit checked back when I ordered my 1er, but then today I got an alert that my credit had changed and yesterday my dealer ran my credit again without my permission essentially lowering my credit score. So I guess my question is, can they legally do that without asking me?

Nixon · 03-06-2008, 02:31 AM

Quote:

Originally Posted by black135i

I was just wondering if anyone knew the rules for a dealer running a credit check on you. I had my credit checked back when I ordered my 1er, but then today I got an alert that my credit had changed and yesterday my dealer ran my credit again without my permission essentially lowering my credit score. So I guess my question is, can they legally do that without asking me?

They have to have authorization to check your credit, but most likely your paperwork from ordering the car gives them that authorization. They don't have to ask you again if they have already gotten your authorization, and they are accessing your credit in furtherance of your existing order.

n54_335 · 03-06-2008, 02:46 AM

ok that seems to sound ok, but thats the third time they have run my credit (only once did I know) and it has lowerd my score by about 40points... just dosnt seem as though that should be right..

O and I never signed anything when I ordered the car, only the sheet allowing for my credit to be ran that one time when they where seeing if my credit was good enough to even get the car...

cracka · 03-06-2008, 12:56 PM

They should have run it once. If they were going to run it multiple times, they should have done so within a few days so as not to adversely affect your FICO.

It might be worth contacting the bureau(s) to advise them that the subsequent inquiries were not authorized. I don't know how much traction you'll get, but at worst you can have an addendum added to your file noting the situation.

john970 · 03-06-2008, 02:02 PM

There's no way a credit check would drop your score 40pts - its likely there is something else going on w/ your credit. If you opened a new account, have a higher ratio of used/free debt, etc. that might have done it.

It's also possible that the credit alert service is lagging a bit, or they changed their algorithm.

03-06-2008, 01:23 AM	#1
n54_335 Private First Class 18 Rep 126 Posts Drives: BMW Join Date: Feb 2008 Location: Santa Barbara, CA iTrader: (0)	Dealer rules for running credit checks I was just wondering if anyone knew the rules for a dealer running a credit check on you. I had my credit checked back when I ordered my 1er, but then today I got an alert that my credit had changed and yesterday my dealer ran my credit again without my permission essentially lowering my credit score. So I guess my question is, can they legally do that without asking me?
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03-06-2008, 02:46 AM	#3
n54_335 Private First Class 18 Rep 126 Posts Drives: BMW Join Date: Feb 2008 Location: Santa Barbara, CA iTrader: (0)	ok that seems to sound ok, but thats the third time they have run my credit (only once did I know) and it has lowerd my score by about 40points... just dosnt seem as though that should be right.. O and I never signed anything when I ordered the car, only the sheet allowing for my credit to be ran that one time when they where seeing if my credit was good enough to even get the car...
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03-06-2008, 12:56 PM	#4
cracka Captain 26 Rep 780 Posts Drives: VO 1M Join Date: Sep 2007 Location: DFW iTrader: (0)	They should have run it once. If they were going to run it multiple times, they should have done so within a few days so as not to adversely affect your FICO. It might be worth contacting the bureau(s) to advise them that the subsequent inquiries were not authorized. I don't know how much traction you'll get, but at worst you can have an addendum added to your file noting the situation.
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03-06-2008, 02:02 PM	#5
john970 1er 74 Rep 1,205 Posts Drives: 08 135 Join Date: Feb 2008 Location: Denver iTrader: (0)	There's no way a credit check would drop your score 40pts - its likely there is something else going on w/ your credit. If you opened a new account, have a higher ratio of used/free debt, etc. that might have done it. It's also possible that the credit alert service is lagging a bit, or they changed their algorithm.
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