I still remember my first time at a dealership; my credit was checked seven times, despite being denied all seven times. In an attempt to outsmart the system, I obtained pre-approval through capital one before my next visit. The dealership insisted on having my social security number for the pre-approval process. With explicit instruction to perform a single check for Capitol One, I was shocked to discover that my credit was checked four times. I was verbally told I was approved for capital one but the paperwork had a different lenders name.Their justification: once the paper is signed, they can do anything. This level of disregard for an individual's financial future is not only unsettling but should be illegal since excessive hard inquiries have a significantly detrimental impact on credit scores. 

Credit scores are an essential part of our lives. They determine our ability to secure loans, purchase homes, or even start businesses. According to FICO, a single hard inquiry can lower a score by as much as 5 points, while multiple hard inquiries can reduce it by up to 45 points (source: Experian). This kind of drop can cost an individual thousands of dollars in higher interest rates or even result in loan denials. Yet, dealerships are currently able to run multiple credit checks without the knowledge or explicit consent of the individual. 

We urge the federal regulators to establish regulations that require all car dealerships to obtain explicit permission from customers for each credit check. Consumers have the right to manage their credit in a way that serves their long-term financial interests, rather than the short-term interests of greedy corporations. Car salesmen should have a fiduciary responsibility .Please support this critical change; sign this petition today.