topic Re: Lender Pulls in General Credit Topics

Lender Pulls

basballguy — Fri, 16 Nov 2012 20:59:41 GMT

Are lender pulls always "hard pulls"?

Re: Lender Pulls

tattooedhusker — Fri, 16 Nov 2012 21:04:19 GMT

Typically, I believe so. Everyone I have had was a hard pull. I suppose it depends on the lender and the purpose though.

Re: Lender Pulls

llecs — Fri, 16 Nov 2012 21:55:00 GMT

Mostly a hard pull, though I've applied for credit via a soft pull in the past. YMMV on the lender.

Re: Lender Pulls

Shogun — Sat, 17 Nov 2012 02:43:41 GMT

Almost always a HP for new credit.

Re: Lender Pulls

RobertEG — Sat, 17 Nov 2012 08:51:05 GMT

The only issue under the FDCPA is if the inquiry was permissible. Application for new or additional credit always has express permissible purpose, as do reviews of accounts by your current creditors. Two examples of every day permissible purpose that are treated differently based on practice, not statute or regulation.

The issue of hard vs soft is an administrative coding issue. It is common practice that inquiries by your creditors to conduct a review of your account on their own, when not related directly to a consumer initiated request for new or additional credit, are coded as soft. Creditors seem to comply with this practice.

Any inquiry that is based on a consumer initiated request for new or additional credit is fair game, and in my opinion should be, coded as "hard."

That is the primary intent of even including inquiries in consumer credit reports.... so others can see your attempts for addtional credit.

Re: Lender Pulls

beb86 — Sat, 17 Nov 2012 20:18:00 GMT

+1 that was the best explanation I have see yet thanks Robert