Since when moving credit lines needs a HP?

[Anonymous]

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@Anonymous wrote:

Collection agencies have a permissible purpose to pull your credit without your consent. Consent is not required for a hard pull under the FCRA. A permissible purpose can be obtained by consent, but other reasons such as reviewing a collection account is sufficient to pull your credit. Not all CAs will hard pull, but they can if they want to. At least that is my understanding. 

If you look at 15 U.S.C. Secttion 1681b(a)(3)(A) it states that a permissible purpose includes when one "intends to use the information in connection with a credit transaction involving the consumer on whom the information is to be furnished and involving the extension of credit to, or review or collection of an account of, the consumer." 

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Makes you want to freeze all of them.

[Imperfectfuture]

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@B335is wrote:
Not all CA will hard pull, but it's been widely reported they will prior to taking legal action.

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Portfolio Recovery used to HP monthly.  I complained, told permissible purpose (midland too).  Some law must have changed in WA state, because in 2014, all those HP's disappeared, and were replaced with soft pulls.  'Twas an interesting experience,

[Imperfectfuture]

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@Anonymous wrote:

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@Anonymous wrote:

Collection agencies have a permissible purpose to pull your credit without your consent. Consent is not required for a hard pull under the FCRA. A permissible purpose can be obtained by consent, but other reasons such as reviewing a collection account is sufficient to pull your credit. Not all CAs will hard pull, but they can if they want to. At least that is my understanding. 

If you look at 15 U.S.C. Secttion 1681b(a)(3)(A) it states that a permissible purpose includes when one "intends to use the information in connection with a credit transaction involving the consumer on whom the information is to be furnished and involving the extension of credit to, or review or collection of an account of, the consumer." 

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Makes you want to freeze all of them.

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Freezing doesn't prevent access to permissible pulls, just an FYI.

[Anonymous]

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@Imperfectfuture wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Collection agencies have a permissible purpose to pull your credit without your consent. Consent is not required for a hard pull under the FCRA. A permissible purpose can be obtained by consent, but other reasons such as reviewing a collection account is sufficient to pull your credit. Not all CAs will hard pull, but they can if they want to. At least that is my understanding. 

If you look at 15 U.S.C. Secttion 1681b(a)(3)(A) it states that a permissible purpose includes when one "intends to use the information in connection with a credit transaction involving the consumer on whom the information is to be furnished and involving the extension of credit to, or review or collection of an account of, the consumer." 

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Makes you want to freeze all of them.

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Freezing doesn't prevent access to permissible pulls, just an FYI.

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That needs to change.

[Chris679]

CSRs are often uninformed on FCRA laws. If you are requesting a CLI or moving credit line (same thing in the eyes of some lenders) then they are within their rights to do HP. I would be upset if they didn't give me a heads up though or flat out said it was not a HP. Citi also requires HP to move CL.

[CreditPacMan]

I did not know that credits laws are different by state! Isn't the credit fair act a federal thing?

[CreditGuy03]

Bank of america is trash and a joke of a company. They will hard pull jusy because the sky is blue and they will close all of your cards if they feel you might get fired

[Anonymous]

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@CreditGuy03 wrote:
Bank of america is trash and a joke of a company. They will hard pull jusy because the sky is blue and they will close all of your cards if they feel you might get fired

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So will Chase, or Citi, or Barclay's.

CapitalOne is pretty safe though..

[CreditPacMan]

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@Anonymous wrote:

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@CreditGuy03 wrote:
Bank of america is trash and a joke of a company. They will hard pull jusy because the sky is blue and they will close all of your cards if they feel you might get fired

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So will Chase, or Citi, or Barclay's.

CapitalOne is pretty safe though..

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Chase doesn't HP for CL transfer between cards .. I've done multiple times and not a single HP. I actually brought it as an example for good CS because it is so easy to move credit lines with them .. you can even move your portion of one card to a declined application to get it approved!

[Anonymous]

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@altayar wrote:

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@Anonymous wrote:

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@CreditGuy03 wrote:
Bank of america is trash and a joke of a company. They will hard pull jusy because the sky is blue and they will close all of your cards if they feel you might get fired

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So will Chase, or Citi, or Barclay's.

CapitalOne is pretty safe though..

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Chase doesn't HP for CL transfer between cards .. I've done multiple times and not a single HP. I actually brought it as an example for good CS because it is so easy to move credit lines with them .. you can even move your portion of one card to a declined application to get it approved!

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Barclay's will allow this as well.

I was talking about the closing all your cards part.