topic Re: SP vs. HP (Bank's view-difference in the report detail?) in Credit Cards

SP vs. HP (Bank's view-difference in the report detail?)

Anonymous — Wed, 29 Feb 2012 03:30:03 GMT

When Banks do a soft pull or Hard pull. What is different in the data that they see?

Is a HP just about marking that you asked about new or additional credit?

I would have though their would be a quality or at least minor detail difference which pushes some banks to do HPs.

Re: SP vs. HP (Bank's view-difference in the report detail?)

bichonmom — Wed, 29 Feb 2012 02:56:09 GMT

@Anonymous wrote:

When Banks do a soft pull or Hard pull. What is different in the data that they see?
Is a HP just about marking that you asked about new or additional credit?

There is no difference. Only current creditors can do a SP. If you are apping for a new CC, it's a HP. Some CCs will do a SP for CLIs and others insist on doing a HP. AFAIK, they see the same thing; it's just their company policy as to which one they do.

Re: SP vs. HP (Bank's view-difference in the report detail?)

Guava — Wed, 29 Feb 2012 03:16:17 GMT

No difference in data, it's just the way the pull is coded/categorized

Re: SP vs. HP (Bank's view-difference in the report detail?)

boomhower — Wed, 29 Feb 2012 03:19:25 GMT

If the data is the same then why do some insist on doing a HP?

Re: SP vs. HP (Bank's view-difference in the report detail?)

haulingthescoreup — Wed, 29 Feb 2012 04:04:32 GMT

@boomhower wrote:
If the data is the same then why do some insist on doing a HP?

An excessive loyalty to the concept of reporting when consumers are "seeking new credit"?

That's the point of a hard pull. It lets creditors know when consumers are busy apping.

As for what they see, just to clarify: if you're already a customer, they see everything on a soft that they would see on a hard. This is with an -AR (account review) or -AM (account maintenance) suffix, as seen on Equifax reports.

If you're NOT already a customer, the soft is just a display of your demographics (i.e., your contact info) and a very general description of your credit profile, so that the buyer of the soft can decide whether to dangle an offer at you. This is with a -PR (for promotional) suffix, again as seen on Equifax reports. That's why so many people get burned when they think they are accepting an offer.

I just wanted to toss that in there because so many people get confused about the two types of soft pulls.

edit: cna't splel

Re: SP vs. HP (Bank's view-SP types)

Anonymous — Wed, 29 Feb 2012 03:48:59 GMT

Ah thank thats very good info. I just got this nice detailed table of different types of Soft pulls from my equifax report I did'nt notice before.

PR sounds bad since looks like a bank is selling you to another.

Prefix Prefix Description
PRM Inquiries with this prefix indicate that only your name and address were given to a credit grantor so they can provide you a firm offer of credit or insurance.
(PRM inquiries remain for twelve months.)
AM or AR Inquiries with these prefixes indicate a periodic review of your credit history by one of your creditors.
(AM and AR inquiries remain for twelve months.)
EMPL Inquiries with this prefix indicate an employment inquiry. (EMPL inquiries remain for 24 months)
Equifax or EFX Inquiries with these prefixes indicate Equifax’s activity in response to your contact with us for a copy of your credit file or a research request.
ND Inquiries with this prefix are general inquiries that do not display to credit grantors.
(ND inquiries remain for twelve months.)
ND MR Inquiries with this prefix indicate the reissue of a mortgage credit report containing information from your Equifax credit file to another company in connection with a mortgage loan.
(ND MR inquiries remain for 24 months.)
PR Inquiries with this prefix indicate that a creditor reviewed your account as part of a portfolio they are purchasing.
(PR inquiries remain for 12 months.)

Re: SP vs. HP (Bank's view-difference in the report detail?)

LS2982 — Wed, 29 Feb 2012 10:46:34 GMT

@Anonymous wrote:

When Banks do a soft pull or Hard pull. What is different in the data that they see?
Is a HP just about marking that you asked about new or additional credit?

I would have though their would be a quality or at least minor detail difference which pushes some banks to do HPs.

No difference, same report. Only different for you is if it's a SP no hit on your credit file.

Re: SP vs. HP (Bank's view-difference in the report detail?)

Anonymous — Wed, 29 Feb 2012 13:21:09 GMT

Perhaps some banks like to do a HP when they could SP so another inquiry shows on your report making it a bit harder to get credit elsewhere, so in turn you stay with them for your business.

Prefix	Prefix Description
PRM	Inquiries with this prefix indicate that only your name and address were given to a credit grantor so they can provide you a firm offer of credit or insurance. (PRM inquiries remain for twelve months.)
AM or AR	Inquiries with these prefixes indicate a periodic review of your credit history by one of your creditors. (AM and AR inquiries remain for twelve months.)
EMPL	Inquiries with this prefix indicate an employment inquiry. (EMPL inquiries remain for 24 months)
Equifax or EFX	Inquiries with these prefixes indicate Equifax’s activity in response to your contact with us for a copy of your credit file or a research request.
ND	Inquiries with this prefix are general inquiries that do not display to credit grantors. (ND inquiries remain for twelve months.)
ND MR	Inquiries with this prefix indicate the reissue of a mortgage credit report containing information from your Equifax credit file to another company in connection with a mortgage loan. (ND MR inquiries remain for 24 months.)
PR	Inquiries with this prefix indicate that a creditor reviewed your account as part of a portfolio they are purchasing. (PR inquiries remain for 12 months.)