- April 19, 2024
- Posted by: legaleseblogger
- Category: Related News
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### Situation Overview
I recently embarked on a house-hunting journey with the assistance of my mortgage broker. Initially, she mentioned conducting a soft check based on some of my information to estimate the range of houses I could afford. However, as I continued exploring various properties over the span of a few months, I discovered that I had accumulated a total of 5 hard checks – 3 from Maximal Mortgages and 2 from First National. I had explicitly communicated to my broker that I preferred to avoid hard checks until I was prepared to apply for a mortgage post finding my ideal home.
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Having multiple hard checks on my credit report can impact my credit score adversely. I understand the significance of maintaining a good credit standing, especially when seeking a mortgage. This situation has caused me concern, and I am unsure about the potential repercussions of these hard inquiries on my creditworthiness.
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Furthermore, the AI Legalese Decoder can offer guidance on the steps I can take to address the issue of multiple hard checks on my credit report. It can analyze the legal implications of these inquiries and provide recommendations on how to mitigate any potential damage to my credit score. With the assistance of this innovative tool, I can navigate the complexities of the mortgage process more effectively and make informed decisions to safeguard my financial well-being.
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In conclusion, the AI Legalese Decoder can serve as a valuable resource in times of uncertainty related to mortgage agreements and credit inquiries. By leveraging this technology, I can gain comprehensive insights into my legal rights and responsibilities as a borrower, empowering me to make informed choices and protect my financial interests in the long run.
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It doesn’t make a difference. A bunch of hard checks for the same reasons around the same time doesn’t have much more impact than having 1-2 inquiring
Especially checks from the same lender at around the same time are counted as 1 check in the scoring
Don’t be afraid to “spend” your credit score on getting a good mortgage rate – that’s really the only thing it’s good for.
Why do people think their credit score dropping a couple points is a life or death situation? It’s like that episode of black mirror except the stakes are way lower. Same thing with people wanting to maximize their credit score as much as possible.
It is pretty normal for people to end up with a clump of inquiries when buying a house. I am not sure what the consumer scores (that we all see on Borrowell, CreditKarma, etc.) do in this situation, but the FICO algorithm that most lenders use screens out multiple mortgage inquiries in a short duration.
In any case, it is hard enough to lose enough points through inquiries to make a difference, unless you are near the dividing line between approval/rejection in the mid-600’s.
From credit karma’s website:
> What to know
>
> Good news! While hard inquiries from things like credit applications can stay on your report for up to 6 years, their effects fade over time. It’s a temporary ding and scores usually bounce back in 3 to 6 months.
>
> When lenders review your credit report for the purpose of an application, a “hard inquiry” is placed on the credit report they checked.
>
> A few inquiries a year is normal, but may cause a temporary drop in your credit score.
>
> Before trying to get a mortgage or big loan, it’s best to plan ahead and minimize your hard inquiries at least 9-12 months before to be on the safe side.
Stop worrying.
It is illegal to run a credit check without consent in most provinces: https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score/credit-report-score-basics.html.
Please do some research on your relevant provincial laws. I would suggest you contact the businesses that ran the credit check and give them an opportunity to have it removed. You can also contact equifax/transunion and contest the credit check.
If this does not fix it, complain to the privacy commissioner of Canada.
Something similar happened to me when looking for a car. I contacted OMVIC. OMVIC forced the business to remove the unauthorized credit check from my file. Maybe you have a similar regulatory body for buying a house.