Do car dealers sell your personal info?

[brainhulk]

I know someone that just got their identity stolen, and we were trying to figure out how someone would get that info...

 

[Atty]

Good ones won't, IE ones with a reputation to uphold.

 

[StageLeft]

Probably.

 

[highland145]

What they will do is farm out your application to try and get financing. I have pulled reports where there are 10-12 inquiries on the same day from auto lenders. The dealer will pull the first and realize the customer has shaky credit so he'll send it to all of his outlets. They also pull a report. That costs 4 to 8 points per inquiry on your total fico score.

 

[StageLeft]

What they will do is farm out your application to try and get financing. I have pulled reports where there are 10-12 inquiries on the same day from auto lenders. The dealer will pull the first and realize the customer has shaky credit so he'll send it to all of his outlets. They also pull a report. That costs 4 to 8 points per inquiry on your total fico score.

Called stealerships for a reason. In fact a co-worker recently got the huge run around from a dealership, they strung her along for four hours dicking around and ran her credit several times.

 

[Raizinman]

They will sell anything for a dollar. Many of the porters (the people who move your cars around) will ruffle through your glovebox or console looking for money or drugs. The porters are usually lowlife people who work for minimum wage. Also, don't ever leave your house key or spare keys on your keyring when you leave your car.

 

[HannibalX]

The only thing the stealership ever gets out of me is name, address, phone #. That's it.

Get your financing somewhere else, before you start looking for a car, preferably your bank or credit union. My credit union will give me essentially a blank check good up to a certain amount. I take the check to the dealer, make my deal and fill out the amount. That's all these fuckers get from me. You can't trust them.

 

[Gibson486]

What they will do is farm out your application to try and get financing. I have pulled reports where there are 10-12 inquiries on the same day from auto lenders. The dealer will pull the first and realize the customer has shaky credit so he'll send it to all of his outlets. They also pull a report. That costs 4 to 8 points per inquiry on your total fico score.

credit checks do not effect your score.

 

[highland145]

credit checks do not effect your score.

"How much will credit inquiries affect my score?
The impact from applying for credit will vary from person to person based on their unique credit histories. In general, credit inquiries have a small impact on one's FICO score. For most people, one additional credit inquiry will take less than five points off their FICO score. For perspective, the full range for FICO scores is 300-850. Inquiries can have a greater impact if you have few accounts or a short credit history. Large numbers of inquiries also mean greater risk. Statistically, people with six inquiries or more on their credit reports can be up to eight times more likely to declare bankruptcy than people with no inquiries on their reports."

So, in the real life scenarios, like I mentioned and have seen, 10 inquiries could cost a low risk person 20-40 points. A person that is questionable already is going to get nailed.

 

[StageLeft]

Credit checks absolutely affect credit score. There are two kinds of checks, those that do not (like your existing bank checks), and those that do (new lender running your credit). Credit reports break up those inquiries that matter and those that don't. Those that do matter typically fall off in two years.

 

[Pantoot]

So, in the real life scenarios, like I mentioned and have seen, 10 inquiries could cost a low risk person 20-40 points. A person that is questionable already is going to get nailed.

FICO knows that people rate shop, so multiple inquiries in a short period of time do not hurt you. I think the new formula counts all similar inquiries within a month and a half as a single inquiry.

 

[Lotheron]

FICO knows that people rate shop, so multiple inquiries in a short period of time do not hurt you. I think the new formula counts all similar inquiries within a month and a half as a single inquiry.

Correct
http://www.myfico.com/CreditEducation/CreditInquiries.aspx

What to know about "rate shopping."
Looking for a mortgage, auto or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan. To compensate for this, the score ignores mortgage, auto, and student loan inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If it finds some, it counts those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.

 

[highland145]

I stand corrected even though my quote was from the same source. Any idea how long this has been in place?

 

[StageLeft]

Didn't know about rate shopping. Either it's a new phenomenon or "conventional wisdom" has been wildly wrong for a wildly long period of time. "everyone knows" that multiple queries hurt it, so I'd like to know how long it's been in effect!

 

[highland145]

Didn't know about rate shopping. Either it's a new phenomenon or "conventional wisdom" has been wildly wrong for a wildly long period of time. "everyone knows" that multiple queries hurt it, so I'd like to know how long it's been in effect!

If I had to guess, I would say that it started when the govt overhauled for identity theft and allowing peeps to pull one/year free. I've been using equifax for 20+ years and multiple inquiries do hurt the score. I quoted myfico.com on the increased risk with a lot of inquiries.

This "rate shopping" adjustment is a good idea for the consumer that is doing just that.