Credit Scoring

Posted by D.Threewitts on September 16, 1998 at 16:25:36:

I was told recently that a change was made in the law (effective in April,1998) that means the number of credit inquiries for mortgage and car loans will no longer affect a person's credit rating. Two mortgage loan officers told me that this new law went into effect to protect consumers who are simply shopping for the best interest rates. Is this true? And if true, why doesn't this apply to ALL loans when shopping for best rates??? If NOT true, how can we get this unfair practice changed?

Follow Ups:

• Re: Credit Scoring Greg Fisher, creditscoring.com 18:48:56 10/09/98 (0)
• My question to Fair Isaac about combined credit inquiries Christine Baker 16:40:21 10/02/98 (1)
  • Combined credit inquiries -- According to Fair Isaac: Christine Baker 16:43:16 10/07/98 (0)

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: I was told recently that a change was made in the law (effective in April,1998) that means the number of credit inquiries for mortgage and car loans will no longer affect a person's credit rating.  Two mortgage loan officers told me that this new law went into effect to protect consumers who are simply shopping for the best interest rates. Is this true?  And if true, why doesn't this apply to ALL loans when shopping for best rates???  If NOT true, how can we get this unfair practice changed?


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