07-06-2012 04:58 PM
I have recently applied to PSECU after knowing that they offer EX FICO scores.... I know I have been very late to jump on the bandwagon .
I have also got the denial because I was out of state (currently in the sunshine state ).
I called them up and verified if they are going to send me some kind of credit score or report (I was looking for both actually), since they did a hard pull on my EX (I believe) during the application process. The CSR put me on hold for a while and confirmed that they are not required by law to send me any such things since I did not apply for credit . I didn't know what to say to the CSR and hung up. So, here is my question to you all
Am I eligible to receive my credit score and/or report since a hard inquiry was made on my file or not?? I could not get answer to this question even after searching several forums for a while now. So, please help me. BTW, I did not get any communication in the mail from PSECU. It has been only 2 days since my application was rejected.
07-06-2012 05:49 PM
I did not get what you mean completely. Even though the decision was based off residency, they did a hard pull on my credit file. So, do I have to just forget this blunder of mine and move forward? I believe I read some notes on scoreinfo.org (a my fico site) where it says something about doing a credit pull by the lender and lender obligations to the customer by law. Am I not eligible to have a credit report under the law as quoted in the website? May be, i am not since I didn't enquire for credit.
But that's a hard pull on my file for nothing???? If yes, I can't believe how careless I have been.
I shall wait for some form of communication from PSECU regarding the cancellation in mail. Did someone receive their membership application cancellation information in mail from PSECU? If yes, does it mention anything about credit inquiry at all?
07-06-2012 08:40 PM
FWIW I *cough* did something similar once upon a time. PSECU did a soft pull on my Experian report.
No harm no foul, this was six months ago for reference.
07-06-2012 09:39 PM - edited 07-06-2012 09:42 PM
Denial of credit is considered an "adverse action" with respect to a consumer's application for credit.
Their requirements are set forth in FCRA 615(a)(2) and (3), which state that if the denial is based in whole or in part on information in a consumer report, they must advise you of your right to obtain a free credit report from the consumer reporting agency who provided the report used in their determination.
They did not state that their denial was based, in whole or in part, upon information contained in your consumer report, so I see no obligation for the CRA to provide a free credit report.
Even if their denail were based in part on your CR, they are not the party required to provide a free credit report. They must simply advise you of the name of the CRA that they used, and the consumer must then submit the denial letter to the CRA within 60 days to obtain the free copy of their CR.
There is no requirement for providing a credit score based on denial of credit.