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New Member
andrealynn1974
Posts: 5
Registered: ‎03-29-2014
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how to keep a previous lender for soft checking my credit?

I'm three years after a forclosure, and I checked my free crdit reports to find my previous lender did a softcheck on my credit. Does anyone know if they are allowed to or direct me where to find information on this topic?  The house was foreclosed 3 years ago. Help! Thank you!

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Senior Contributor
myjourney
Posts: 26,659
Registered: ‎02-07-2013
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Re: how to keep a previous lender for soft checking my credit?

Welcome to the forum 

SP's have no effect on scores or anything and the only one that can see them is you. 

So it's not something I would worry about.

Looking at SP's is a great way to see who is looking at you and may offer you credit.

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/13


Valued Contributor
gdale6
Posts: 9,716
Registered: ‎12-13-2013
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Re: how to keep a previous lender for soft checking my credit?


andrealynn1974 wrote:

I'm three years after a forclosure, and I checked my free crdit reports to find my previous lender did a softcheck on my credit. Does anyone know if they are allowed to or direct me where to find information on this topic?  The house was foreclosed 3 years ago. Help! Thank you!


They need to have permissable purpose, it would be if you still owe them money after the FC. It is also possible they softed you for a selected credit offer, at this point I would not worry about it as its just a soft.

EX Cred Ses 12/14: 796 ; EX Fico 04 V2 06/14: 775; EX Fico 08 07/14 778 ; EX Fico 08 BC 12/14: 858
EQ Fico 05/14 781 ; EQ MPM 12/14: 750
TU Fico 8 12/14: 719; TU MPM 06/14 706
New Member
andrealynn1974
Posts: 5
Registered: ‎03-29-2014
0

Re: how to keep a previous lender for soft checking my credit?

I still owe them money. I guess I don't understand why they would soft check my credit?
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Senior Contributor
myjourney
Posts: 26,659
Registered: ‎02-07-2013
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Re: how to keep a previous lender for soft checking my credit?

[ Edited ]

andrealynn1974 wrote:
I still owe them money. I guess I don't understand why they would soft check my credit?

If you still owe them money then that's another case....

They actually have permissible permission to do a HP sorry to say :smileysad:

So consider yourself lucky that they've only done a SP thus far

 

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/13


New Member
andrealynn1974
Posts: 5
Registered: ‎03-29-2014
0

Re: how to keep a previous lender for soft checking my credit?

I kind of figured. Im just now getting back on my feet financially after 5 long years. I have 6 more months till debt free, but now I'm a little nervous of them. Thank you all for your help!
Mega Contributor
RobertEG
Posts: 18,551
Registered: ‎03-19-2007
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Re: how to keep a previous lender for soft checking my credit?

While they have permissible purpose as an existing creditor, to clarify the situation where a creditor with whom you have no existing account wishes to make you an unsolicited offer for credit, they cannot obtain your credit report by any means, soft or hard.

 

They can submit a request for a listing of all consumers who meet certain specified criteria and who have not opted-out of being included in such listings.

They receive no account specific information, only a listing of consumers.  That inquiry for a listing cannot appear in any credit report obtained by others (i.e., it must be coded as "soft").  

 

 

New Member
andrealynn1974
Posts: 5
Registered: ‎03-29-2014
0

Re: how to keep a previous lender for soft checking my credit?

Thank you RobertEG!
Regular Contributor
trix_r_4_kids
Posts: 187
Registered: ‎04-28-2012
0

Re: how to keep a previous lender for soft checking my credit?

Sorry for highjacking the thread, but I'm hoping Robert can answer a similar question for me.

 

I had a collection from PRA that I paid in June of 2013.  When looking at a recent credit report, I noticed that they softed me in July of 2013.  Wouldn't they lack "permissible purpose" that that point?

I used to post my scores here. However, I'm prone to motion sickness and the ups and downs were nauseating.
Frequent Contributor
TrueGeminiNC
Posts: 312
Registered: ‎10-10-2012
0

Re: how to keep a previous lender for soft checking my credit?

Have you researched the defiency laws in your state?  After a foreclosure, the bank will sell the property.  The difference between the sales price and the outstanding loan balance is referred to as a difiency balance. 

 

Difiency balance laws vary by state.  From my experience in the state of GA; a lendor has 30 days to pursue a difiency balance on the first mortgage.  I wasn't able to get a clear answer for the second mortgage.  Some legal experts suggested that the first and second mortgage would be treated as a singular transaction and the 30 day law would be applied.  However, some have said that they are seperate transactions and the 30 day law does not apply to the second mortgage.  

 

Long story short - i would recommend familiarizing yourself with the defiency laws in your state.  If the lender can pursue a defiency balance; they are probably conducting a risk/reward analysis to determine if it is worth pursuing the defiency balance.  


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