Posted On: June 11, 2007, 3:54 pm CDT

Posted By: Diane

As a cost conscious consumer, I took the advice of our government and shopped for the best home mortage interest rate 3 several years ago. I went to one of those websites that shop around for the best rates and give you a list of companies & their current rates which were base on my then 790 credit score. I had 22 inquiry hits on my credit report (some of which were from the same lender but a different office) and it cause my score to drop 2 points per hit or 44 points. I contacted the CRAs explaining that each company requesting my score were for the same refi loan and not mutiple homes etc. The CRAs said too bad, we must count them against your for 2 yrs. That doesn't sound very fair to me or a good predictor of risks. I even wrote the Feds about the issue and never heard from them.