HP vs SP - What can lenders see?

[Slim1Der]

I remember when my sister did a short sale on her house, she went a few days past her grace period of 15 days non-payment on her mortgage. Her Chase CC account called her and notified her that they knew she was late on her mortgage and they were raising her APR on her credit card and dropping her credit limit. Mind you, this was back in 2008, but did they do a SP and see that she was late? What can lenders see on a SP? It is the same as a HP without the inquiry?

[b_diddy]

Yes, they can see lates.

[cs91]

Yes, as a creditor, they can review a person's credit report for account review and it will be notated as a soft pull. Only if they review it on your behalf (looking for credit or a product) it will be recorded as a hard pull. When changes are noted on your credit profile, creditors are often notified and thus sometimes results in a soft pull.

[Slim1Der]

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@cs91 wrote:
Yes, as a creditor, they can review a person's credit report for account review and it will be notated as a soft pull. Only if they review it on your behalf (looking for credit or a product) it will be recorded as a hard pull. When changes are noted on your credit profile, creditors are often notified and thus sometimes results in a soft pull.

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So it's almost like they have monitoring on us as well?

[cs91]

Yes absolutely!

[s_haliz]

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@Slim1Der wrote:

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@cs91 wrote:
Yes, as a creditor, they can review a person's credit report for account review and it will be notated as a soft pull. Only if they review it on your behalf (looking for credit or a product) it will be recorded as a hard pull. When changes are noted on your credit profile, creditors are often notified and thus sometimes results in a soft pull.

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So it's almost like they have monitoring on us as well?

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Almost all CC lenders do monitor us via soft pull on a given frequency. Some once a month, other less frequent. They have a huge stake on doing this. Say for example I had fully utilized my credit limit of $26K. And then at the same time, my mortgage payment is also late. Great red flag to lender....To contain their losses, they can do what they think is safe for them......

[Anonymous]

Lenders see the exact same infor on both HP and SP. The only difference is HP hurts score and SP doesnt. Also SP is only viewable to you.

Makes me wonder what the banks are going to do when they see I have 10K in new credit

[RobertEG]

The CCC can do a pull for internal account review at any time, which is coded as a soft pull.

In the scenario described, they would not see an ovedue payment with another creditor, such as a mortgage lendor, unless the other creditor had reprted a 30-late.

Being less than 30 days overdue on a payment is not reportable to the CRAs, so they would not see any record of a late payment to another.

Additionally, no pull of your credit report by anyone other than you can show record of a soft pull by another.

The definition of a soft pull is that it is not viewable by anyone other than the consumer.

That is the underlying reason that soft pulls are not scored..... FICO has no acess to that information.

The only type of inquiry that limits what the inquiree can see is a so-called promotional inquiry made by a creitor wishing to send an unsolicited offer for credit.

By statute, promotional inquiries bar the disclosure of any account specific information.

[Slim1Der]

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@s_haliz wrote:

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@Slim1Der wrote:

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@cs91 wrote:
Yes, as a creditor, they can review a person's credit report for account review and it will be notated as a soft pull. Only if they review it on your behalf (looking for credit or a product) it will be recorded as a hard pull. When changes are noted on your credit profile, creditors are often notified and thus sometimes results in a soft pull.

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So it's almost like they have monitoring on us as well?

---

Almost all CC lenders do monitor us via soft pull on a given frequency. Some once a month, other less frequent. They have a huge stake on doing this. Say for example I had fully utilized my credit limit of $26K. And then at the same time, my mortgage payment is also late. Great red flag to lender....To contain their losses, they can do what they think is safe for them......

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Ahhh, I see. Thx for the info!