Source
r/personalfinance•
ASitl

Broker ran credit again w.o notice or authorization

Credit

I was working w a broker midnyear last year as we had an offer in on a home that didn't end up getting accepted so we continued looking. I emailed the broker couple of days ago for an updated rate and told him we'll be shopping the rate. I now see a credit inquiry was done once again even though all I asked for was a loan estimate and he had our credit report from just 8 months ago!

I'm sure I can just explain this in a letter to my current/new lender who gave me a much better rate but can I file a complaint to have this inquiry removed as I was never asked about running a new report or anything by this broker?

Posted Apr 27, 2017, 3:36 PM UTC

08
svazq003•

8 months is a long time for your credit to change. I don't think they've done anything wrong as you requested an updated rate. Am I missing something because this seems reasonable.

6
thei5guy•

Can't give you a valid APY for you loan without checking your credit.

It sounds like you were given what you asked for.

4
ASitlOP•

Thanks, he said he assumed he had the authorization as we had the accepted offer and were asking for the updated loan estimate and that he's "never lost someone based on rates as they're always able to match."

1
thei5guy•

And as u/np20412 mentions - now is the time to shop around. You can have another dozen credit inquiries for a mortgage offer right now that won't count against your credit score.

If you have good credit and you're not at 3.5% or less - let us know.

1
ASitlOP•

I did, with everyone else I had told them what rate i was getting and gave them my credit score so they didn't run inquiries.

3.875 no points and $3k lender credits is the lowest we got after shopping it to 12 different banks, credit unions and brokers.

1
np20412•

3.5% is not really available anymore in most places. I'd love if I could have gotten 3.5%. That's where I was back in June of last year when I signed my purchase agreement (actually got down to 3.375 around September/October), and rates slowly crept up on me until we closed just a month ago. Got stuck with 4.125% all said and done and that was after back and forth with the lender pushing us to 4.25%.

OPs 3.875% is great, I'd take it.

1
thei5guy•

It's definitely not bad, but if he waived the $3k in credits he could probably get it lower than the 3.875 which will save him a lot more money if he will be staying in the house LONG TERM. If they are only planning on staying a few years as a 'starter home' - then no need to over think it.

1
np20412•

Don't worry about it. Your new lender is going to run your credit anyway and a simple explanation that this was for the purposes of rate shopping will alleviate the concern. It won't count against you.

Everyone should stop worrying about inquiries.

3