Does Shopping Around For Credit Really Impact My Score Negatively?

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Does Shopping Around For Credit Really Impact My Score Negatively?

Many of our clients who have already been to a bank or broker are reluctant to have us give a second opinion for fear having their credit pulled multiple times will impact them negatively for “credit seeking”. Fortunately the credit reporting agencies allow for a certain amount of shopping around for things like cars or mortgages as this is your right as a consumer without it negatively impacting you. It’s called the “dedup window”. A period of time in which multiple credit pulls for the same reason are treated as one pull and therefore have little impact on ones credit score. Previously the dedup window was 14 days, however with the new equifax 9.0 launching ¬†June 2016 the dedup window will be increasing to 45 days. Therefore consumers can feel confident to be able to do what they need to do within 45 days to ensure they are securing the best deal for themselves on credit. Keep in mind if you choose to work with a broker we do the credit shopping for you which saves you a lot of time- but gone are the days for people to be stressing about multiple credit pulls. Contact one of our¬†agents for more details

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Source was absolutely great to work with - went above and beyond to help us get everything done when buying our new home. Highly recommended!! Chad and Jenelle Richards Jan 09 2013

Chad and Jenelle Richards
Added January 23rd 2013

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