Lendingtree.com negative effect on credit score costs you more than it will save. Ripoff Internet
Becareful about using this company. All the lenders that contacted me were outrageously rediculous about rates and origination fees. I didn't end up using any of them but just using lendingtree.com negatively effected my credit score. I now have too many credit report inquiries in a short time.
Richard
Dexter, Maine
U.S.A.
4 Updates & Rebuttals
Jason
Monroe,North Carolina,
U.S.A.
multiple inquiries OK
#5UPDATE Employee
Tue, March 06, 2007
Multiple credit inquiries for the same thing (house, vehicle, equity loan/line) are only counted one time as long as all credit inquiries are performed within a two week span. Borrowers are shoppers. As such, many shop for weeks and months and have dozens of hits over that period of time, which DOES negatively impact their score. Borrowers will tell me they haven't been shopping, then if you look at their credit report you will see that they shopped at a dozen lenders in the past month. THAT impacts your score, NOT a few lenders from LendingTree all checking at once. Either way, make sure you read the highly visible disclosure that tells the customer up to four lenders can and may pull your credit, are you OK with this?
Jason
Monroe,North Carolina,
U.S.A.
multiple inquiries OK
#5UPDATE Employee
Tue, March 06, 2007
Multiple credit inquiries for the same thing (house, vehicle, equity loan/line) are only counted one time as long as all credit inquiries are performed within a two week span. Borrowers are shoppers. As such, many shop for weeks and months and have dozens of hits over that period of time, which DOES negatively impact their score. Borrowers will tell me they haven't been shopping, then if you look at their credit report you will see that they shopped at a dozen lenders in the past month. THAT impacts your score, NOT a few lenders from LendingTree all checking at once. Either way, make sure you read the highly visible disclosure that tells the customer up to four lenders can and may pull your credit, are you OK with this?
Jason
Monroe,North Carolina,
U.S.A.
multiple inquiries OK
#5UPDATE Employee
Tue, March 06, 2007
Multiple credit inquiries for the same thing (house, vehicle, equity loan/line) are only counted one time as long as all credit inquiries are performed within a two week span. Borrowers are shoppers. As such, many shop for weeks and months and have dozens of hits over that period of time, which DOES negatively impact their score. Borrowers will tell me they haven't been shopping, then if you look at their credit report you will see that they shopped at a dozen lenders in the past month. THAT impacts your score, NOT a few lenders from LendingTree all checking at once. Either way, make sure you read the highly visible disclosure that tells the customer up to four lenders can and may pull your credit, are you OK with this?
Jason
Monroe,North Carolina,
U.S.A.
multiple inquiries OK
#5UPDATE Employee
Tue, March 06, 2007
Multiple credit inquiries for the same thing (house, vehicle, equity loan/line) are only counted one time as long as all credit inquiries are performed within a two week span. Borrowers are shoppers. As such, many shop for weeks and months and have dozens of hits over that period of time, which DOES negatively impact their score. Borrowers will tell me they haven't been shopping, then if you look at their credit report you will see that they shopped at a dozen lenders in the past month. THAT impacts your score, NOT a few lenders from LendingTree all checking at once. Either way, make sure you read the highly visible disclosure that tells the customer up to four lenders can and may pull your credit, are you OK with this?