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Does this actually work? Do bank employees have any control of the credit check process?
by noodlesUK 7y ago
Does this actually work? Do bank employees have any control of the credit check process?
- cwkoss 7y agoMy lender always drops the lowest of the three scores, so I was able to just say "I'm going to keep looking at other lenders if you contact Equifax on my behalf. Can you agree to not use Equifax on this deal if I agree move forward today?" and it wasn't a problem. Some of the larger lenders may not have this flexibility.
- pentae 7y agoSounds pretty suspicious. Like you have a really bad credit score on Equifax compared to the other two
- jacobush 7y agoI guess Equifax has a low enough rep that it is less suspicious than for any other
- bogle 7y agoIn which case the Equifax score would have been dropped anyway. So the lender isn't in any worse position.
- rolltiide 7y agolol “suspicious”, as if it matters you realize you can say the wildest most unsophisticated things and they’ll just punch the numbers into a machine and get a “lend to this guy or not” result either way right?
- Joakal 7y agoWasn't a problem? What do you think is more likely: 1) They didn't follow company procedure of which big banks insist employees follow otherwise the employees risk 'liability for not picking the 3 credit agencies'. Or 2) They lied and followed company procedure, and not tell you the outcome from them. 3) Your lender probably passed the request and got 1) or 2) later in the chain.
- SuoDuanDao 7y agoYou're missing the most important outcome: 4) They insist they have to use Equifax, lose the deal, and note why in their records.
- y4mi 7y ago> and it wasn't a problem. That outcome is academic, as the parent specifically said it wasn't an issue.
- mlthoughts2018 7y agoYou mean, they insist you have to use Equifax, lose the deal, then then wonder what’s for lunch in the cafeteria today. Or most likely of all, every lender insists you have to use Equifax, and the people you interact with have no authority to even run your request up a management chain, let alone actually honor it.
- SuoDuanDao 7y agoreasons for losing sales get put in a database, and people pay attention when the same reason shows up repeatedly.
- mlthoughts2018 7y agoIn my experience, nobody cares. I remember how long it took before Netflix finally supported a player on Linux desktop. And in the end, their decision had zero to do with customer demand or complaints for that feature. You can log reasons for bad business outcomes all day long, millions and millions, and it won’t change corporate behavior.
- raisedbyninjas 7y agoJust pointing out that this analogy doesn't hold. Netflix's customer base running desktop Linux are a rounding error for the foreseeable future. 99% of any lender's customers would be at least somewhat pleased to drop Equifax and none of them receive any benefit from using Equifax's service over their competitors.
- paulcole 7y agoWhat was your procedure for confirming they did anything but roll their eyes and go about their normal routine?
- cwkoss 7y agoI kept Equifax frozen through the refinance
- drcode 7y agoYeah, instead of getting my lender to give me a better interest rate or a discount on fees, I'm going to instead use my negotiating leverage to make sure Equifax makes $20 less revenue.
- delinka 7y agoMight as well not even vote. Your one votes can't turn the tide.
- dsfyu404ed 7y agoDepending on where you live that can be very true.
- rdtwo 7y agoThe next election is going to be decided by about 5% of the country that’s contested. Everyone else might as well not even bother filling in the box for president
- sp332 7y agoThere are more votes than just the presidential election.
- rdtwo 7y agoYeah that’s why I just said presidential a lot of other important elections that count on the downballot
- vijayr02 7y agoAsimov's story takes this to its (extreme) logical conclusion: https://en.m.wikipedia.org/wiki/Franchise_(short_story) https://en.m.wikipedia.org/wiki/Franchise_(short_story)
- maxerickson 7y agoThat's not what they said though, they said they are gonna vote for whoever makes their life directly better in the relative short term.
- gjs278 7y agothey don’t and this doesn’t. it just makes you sound like a weirdo.