Reply
Established Contributor
Posts: 540
Registered: ‎09-17-2012
0

Unauthorized HP

I noticed that a HP has popped up from my bank, a credit union. I haven't applied for any loans or credit cards with them. Is there anything I can do about this?

Venture VS $30k | Quicksilver WMC 21k | Aviator Red WMC $17k | SWACU Visa $15k | Amex PRG | Amex SPG $10.5k | Amex SPG Biz $15k | Spark Visa $8k | Freedom $11.5k | Discover it $8k | Lowe's $25k | J Crew $13k | Amazon Store $4k | Walmart Store $3.3k
Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

Re: Unauthorized HP

Have you contacted them and ask to have them remove it? Did you open a checking /savings account?
Valued Contributor
Posts: 5,261
Registered: ‎06-05-2013
0

Re: Unauthorized HP

[ Edited ]

breedo wrote:

I haven't applied for any loans or credit cards with them.


Keep in mind that loans and credit cards aren't the only permissible purposes for a credit pull.  See also section 604 of the FCRA.

Epic Contributor
Posts: 21,275
Registered: ‎03-19-2007
0

Re: Unauthorized HP

+1

A business has permissible purpose to pull your CR if you initiate a business transaction with them, and that transaction gives rise to a legitimate business need to review your credit.  That is a specific permissible purpose listed under FCRA 604.  If an inquiry has a permissible purpose listed under section 604, the entire intent of that listing is to give authorization without need for express consumer approval.  Elsewise, business and credit ransactions would come to a screeching crawl.

 

 

Frequent Contributor
Posts: 431
Registered: ‎05-23-2013
0

Re: Unauthorized HP

[ Edited ]

RobertEG wrote:

+1

A business has permissible purpose to pull your CR if you initiate a business transaction with them, and that transaction gives rise to a legitimate business need to review your credit.  That is a specific permissible purpose listed under FCRA 604.  If an inquiry has a permissible purpose listed under section 604, the entire intent of that listing is to give authorization without need for express consumer approval.  Elsewise, business and credit ransactions would come to a screeching crawl.

 

 


 

Yes they should have the right to see your credit........BUT that sucks.......because your "worthiness" should not be lowered because you are doing business with someone, it should only be lowered by you seeking credit. Such as taking a ding in score when you get your lights turned on or get a phone.

 

They should have the right to view your file, but it shouldn't count against your score.

Myfico scores.....
EX... 805 (11-10-13)
EQ... 810 (12-02-13)
TU... 810 (12-02-13)
Established Contributor
Posts: 540
Registered: ‎09-17-2012
0

Re: Unauthorized HP

I use them as my main checking account, and have done for the past 2 years. No new applications of any kind with them, haven't enquired about anything, literally no reason for them to have pulled my credit.

Venture VS $30k | Quicksilver WMC 21k | Aviator Red WMC $17k | SWACU Visa $15k | Amex PRG | Amex SPG $10.5k | Amex SPG Biz $15k | Spark Visa $8k | Freedom $11.5k | Discover it $8k | Lowe's $25k | J Crew $13k | Amazon Store $4k | Walmart Store $3.3k
Epic Contributor
Posts: 21,275
Registered: ‎03-19-2007
0

Re: Unauthorized HP

I agree with your logic.

However, the primary purpose of maintaining credit reports is to sell them to their real clients... the business and credit industry...., and to promote the efficient handling of business and credit transactions.  Thus, you are not apt to get much sympathy from the industires or the CRAs, as the premissibility of such inquires has a busness purpose from their perspective.

 

The real party at issue in using business transactions is not their obtaining CRs for those purposes, but rather the conclusion by Fair Isaac that they somehow effect the risk of becoming delinquent on existing accounts, and thus should be included in their scoring.  Personally, I dont see the connection as it applies to their risk analysis........

 

Established Contributor
Posts: 540
Registered: ‎09-17-2012
0

Re: Unauthorized HP

I got to the bottom of it by, funnily enough, calling them. Apparantly in the terms and conditions of their credit card which I've had with them for a couple of years, they pull your credit every year to review to see if you're still eligible etc. Kind of crazy really because surely after 2 years that I've had the card they'd know if I'm reliable or not and I've never missed a payment with them (I don't use the card). When I got it 2 years ago, it was my highest limit card at $1k, but it's dwafed now by other cards of $15k, $12k etc. The rep told me the only way to avoid it would be to close the credit card account. I asked her if I could apply for an increase based on the report that they just pulled, she said I could. I've asked for $15k to match my other highest limit. I figured if I've already taken the hit for an inquiry I may as well try to get something out of it. She's going to phone me with the outcome.

Venture VS $30k | Quicksilver WMC 21k | Aviator Red WMC $17k | SWACU Visa $15k | Amex PRG | Amex SPG $10.5k | Amex SPG Biz $15k | Spark Visa $8k | Freedom $11.5k | Discover it $8k | Lowe's $25k | J Crew $13k | Amazon Store $4k | Walmart Store $3.3k
Established Contributor
Posts: 540
Registered: ‎09-17-2012
0

Re: Unauthorized HP

Update: approved for the $15k. I wasn't happy about the HP but I guess a CLI from $1k > $15k lessens the pain!

Venture VS $30k | Quicksilver WMC 21k | Aviator Red WMC $17k | SWACU Visa $15k | Amex PRG | Amex SPG $10.5k | Amex SPG Biz $15k | Spark Visa $8k | Freedom $11.5k | Discover it $8k | Lowe's $25k | J Crew $13k | Amazon Store $4k | Walmart Store $3.3k
Highlighted
Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

Re: Unauthorized HP

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.