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I am wondering about the legal ramification of a finance…

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I am wondering about...

I am wondering about the legal ramification of a finance company that initiates inquiries on credit agencies after they have provided financing. The contract states that "on your request, we will inform you if such a report was ordered and well give you the name and address of the credit reporting agency that furnished the report." This however is not what is happening. Inquiries are being made which is affecting my credit score and no such notice is given prior to the inquiry. My guess is that this is affecting lots of their clients causing credit scores to be affected without proper notification or consent

Lawyer's Assistant: What state is this in? And when did the issue begin?

Illinois and it began several months ago

Lawyer's Assistant: Have you contacted the manufacturer?

Yes and they furnished the original contract which i reviewed and it says exactly what I typed previously

Submitted: 4 months ago.Category: Legal
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Answered in 3 minutes by:
11/30/2017
Lawyer: Legal Eagle, Lawyer replied 4 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 10,210
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Because I want to provide you with the most accurate answer possible, do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Lawyer: Legal Eagle, Lawyer replied 4 months ago

Great, thank you! Bear with me a moment while I review…

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Lawyer: Legal Eagle, Lawyer replied 4 months ago

Thanks for your patience. Generally, the Fair Credit Reporting Act has some requirements that determine whether this company can initiate inquiries on your credit report. Credit agencies can provide this information only if you request it; upon a court order; if a financial institution is processing a credit application; for utilities companies to check your credit; insurance companies; debt collectors; the government; and for future employers only if you give your consent. Thus, if they are not making bonafide inquiries consistent with an agreement that you had with them, then you can ask that the credit report agencies stop providing this information.

You may want to consider just writing a cease and desist letter to the financial institution that is doing this if you believe that this is against the terms of your contract. Lawyers use letters like these often to enforce their client’s rights. Here’s a website that has a good template (click here). It only costs $10 and it is way cheaper than litigation.

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Customer reply replied 4 months ago
If this is affecting multiple clients and it violates the FCRA then it would be a class action violation in my opinion. They are affecting the credit scores of their clients which could prevent future borrowing opportunities.
Lawyer: Legal Eagle, Lawyer replied 4 months ago

I can certainly understand. If you sue under the FCRA, you can recover the damages that have resulted such as higher interest rates or higher fees as a result of having a lowered credit score.

You can also send requests to the credit reporting agencies to have them remove the information if they weren't actually authorized inquiries. If you click here, you can purchase a template for requesting for a deletion from a credit report document that you can copy for all of the clients.

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