Questions about Inquiries

[ShaggyWannabe]

Depending on which CRA is doing the reporting, I have 11 - 14 hard inquiries listed.

For all three CRAs, 1 inquiry is in Mauch 2013 (8 months old) and all others are before August 2012 (15 months or older).

My questions:

1) Despite having 11+ inquiries, they should have minimal impact on my score (since they are so old), correct?

2) My score aside, how likely are lenders likely to be concerned by 11+ inquiries?  What if those inquires were newer?

3) Two of the older inquiries are from collection agencies, and should have been soft pulls (I'll definately be keeping a closer eye on inquiries in the future).  They are scheduled to drop off in 3-4 months.  Is it worth disputing those (knowing that by the time I dispute them and the CRAs get around to deleting them, they would likely have dropped off on their own)?

Thanks in advance for any input!! 

[guiness56]

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@ShaggyWannabe wrote:

Depending on which CRA is doing the reporting, I have 11 - 14 hard inquiries listed.

For all three CRAs, 1 inquiry is in Mauch 2013 (8 months old) and all others are before August 2012 (15 months or older).

My questions:

1) Despite having 11+ inquiries, they should have minimal impact on my score (since they are so old), correct?  HP after 1 year no longer count against your score but will remain for 2 years.

2) My score aside, how likely are lenders likely to be concerned by 11+ inquiries?  What if those inquires were newer?  It really depends on the lender and how picky they are.

3) Two of the older inquiries are from collection agencies, and should have been soft pulls (I'll definately be keeping a closer eye on inquiries in the future).  They are scheduled to drop off in 3-4 months.  Is it worth disputing those (knowing that by the time I dispute them and the CRAs get around to deleting them, they would likely have dropped off on their own)?  CAs have PP to do a HP.

Thanks in advance for any input!! 

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[ShaggyWannabe]

I did not realize collection  agencies could do a hard pull without permission.

Is there a time limit for this?

In my case, the CA (Portfolio Recovery Associates) has a couple accounts that are well over 7 years old.  In fact, the date of last activity and the date of first delinquency for the original accounts are well over 10 years old.  Can they continue to do hard pulls whenever they feel like it, from now until the end of days? 

[guiness56]

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@ShaggyWannabe wrote:

I did not realize collection  agencies could do a hard pull without permission.  If they hold an account of yours that in itself is PP for a HP.

Is there a time limit for this?   No.

In my case, the CA (Portfolio Recovery Associates) has a couple accounts that are well over 7 years old.  In fact, the date of last activity and the date of first delinquency for the accounts are over 10 years old.  Can they continue to do hard pulls whenever they fell like it, from now until the end of days?

The FCRA gives no time limits.  There are 2 states, WI and MS, that have statutes stating when the SOL has expired the debt is extinqished so in those cases they would not be able to pull a CR.  Those are the only ones I know for certain.  And it is an on going debate.

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[ShaggyWannabe]

Any thoughts as to the justification for CAs needing or being allowed to do hard pulls?  Couldn't they get the same information by doing soft pulls.  It seems that since the pull is for a debt already owed, with no new credit being requested, it shouldn't be a hard pull.

Or am I missing something?  Is there additional information that a hard pull gives you that could be of legitimate benefit to a CA?

Just wondering......

[guiness56]

From the FCRA:

(A) 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;

A HP is shown to anyone that pulls your credit where a SP can only be seen by you.  CAs want to know if you are seeking credit.

Depending on what code is used for a SP determines what is seen.