topic Re: This is for all the Credit Experts on here answer this one, thanks in General Credit Topics

This is for all the Credit Experts on here answer this one, thanks

Anonymous — Fri, 02 Aug 2013 17:45:24 GMT

I called Eq today to asked how come an account wasn't updated and they corrected the problem. But the rep informed me that all my credit inquiries could effect my score. I subscribed to My Fico and Usaa monitoring services And I soft pull my scores a couple of time a week.. Per my reports I have only 1 and thats from April 12, when i refiance a investment property. The rep stated that if Eq, did not pull them it counts on there system as a hard inquiry. She said that any monitoring service is a 3rd party and its results are a hard pull. I was transferd to a supervisor who stated the same thing. The supervisor also told me that Eq doesnt use Fico Anymore, they use Eq risk score. They told me I had 42 inquiries in the last 6 months. And of course I haven't apllied for anything during this peroid. Is this true or are they both mistaken.

Re: This is for all the Credit Experts on here answer this one, thanks

Anonymous — Fri, 02 Aug 2013 17:46:17 GMT

@b71913 wrote:
I called Eq today to asked how come an account wasn't updated and they corrected the problem. But the rep informed me that all my credit inquiries could effect my score. I subscribed to My Fico and Usaa monitoring services And i soft pull my scores a couple of time a week.. Per my reports i have only 1 and thats from April, when i refiance a investment property. The rep stated that if Eq, did not pull them it counts on there system as a hard inquiry. She said that any monitoring service is a 3rd party and its results are a hard pull. I was transferd to a supervisor who stated the same thing. The supervisor also told me that Eq doesnt use Fico Anymore, they use Eq risk score. Is this true or are the both mistaken.

A monitoring service uses soft pulls.....Also myFICO is a soft pull
Equifax does use the Eq risk score....On Equifax monitoring service you can get either score (The FICO score will cost you $19.95 )

Re: This is for all the Credit Experts on here answer this one, thanks

navigatethis12 — Fri, 02 Aug 2013 17:44:26 GMT

They are wrong about the third party service causing a hard inquiry and I am not sure how they wouldn't know that. Anytime you obtain a score or report it will always be a soft inquiry, not hard. They perhaps may not sell an Equifax FICO score, but I doubt they would prevent lenders from generating a FICO score based off of an Equifax profile.

Re: This is for all the Credit Experts on here answer this one, thanks

Anonymous — Fri, 02 Aug 2013 17:49:01 GMT

Yes , I know they are soft pulls but the CSR and the Supervisor stated numerous times that they were hard. You would think they be trained fro these matters.

Re: This is for all the Credit Experts on here answer this one, thanks

09Lexie — Fri, 02 Aug 2013 17:52:24 GMT

Sounds to me like they were trying to soft sell their 'it won't affect' you product. If you pull your own credit it does not count as a Hp.

Re: This is for all the Credit Experts on here answer this one, thanks

09Lexie — Fri, 02 Aug 2013 17:54:17 GMT

***Req move to Gen Credit Topics****

Re: This is for all the Credit Experts on here answer this one, thanks

pizzadude — Fri, 02 Aug 2013 17:56:35 GMT

@b71913 wrote:
Yes , I know they are soft pulls but the CSR and the Supervisor stated numerous times that they were hard. You would think they be trained fro these matters.

Unfortunately many CSRs are incorrectly trained in matters relating to credit and credit reporting. EQ is especially bad about this.....

Re: This is for all the Credit Experts on here answer this one, thanks

Anonymous — Fri, 02 Aug 2013 17:57:21 GMT

@b71913 wrote:
Yes , I know they are soft pulls but the CSR and the Supervisor stated numerous times that they were hard. You would think they be trained fro these matters.

I know what you mean!!! It's really sad the Supervisor didn't even know

Re: This is for all the Credit Experts on here answer this one, thanks

Anonymous — Fri, 02 Aug 2013 18:03:32 GMT

Thanks everyone for your quick response. I was getting worried when they said i had 42 inquiries in the last 6 months.

Re: This is for all the Credit Experts on here answer this one, thanks

RobertEG — Fri, 02 Aug 2013 18:08:58 GMT

Credit report inquires that are subject to inclusion in a consumer's credit report (i.e., so-caled "hard" pulls) are those that have stated permissible purpose under FCRA 604 provided by another.

That section of statute applies only to parties who are requesting a credit report of a consumer, NOT to consumer requests for their own report.

The monitoring service, via your business relationship with them, is your legal representative, and requests they make are legally requests of the consumer, not a third party.

Re: This is for all the Credit Experts on here answer this one, thanks

HiLine — Sat, 03 Aug 2013 04:51:42 GMT

@RobertEG wrote:
Credit report inquires that are subject to inclusion in a consumer's credit report (i.e., so-caled "hard" pulls) are those that have stated permissible purpose under FCRA 604 provided by another.
That section of statute applies only to parties who are requesting a credit report of a consumer, NOT to consumer requests for their own report.

The monitoring service, via your business relationship with them, is your legal representative, and requests they make are legally requests of the consumer, not a third party.

That's a crucial distinction. Thanks for pointing it out!

Re: This is for all the Credit Experts on here answer this one, thanks

Shogun — Sat, 03 Aug 2013 05:04:38 GMT

I agree, in fact, it is expressivley written that checking one's own CR will not affect their credit. It is a shame that a CSR is not trained in this aspect.

Re: This is for all the Credit Experts on here answer this one, thanks

azguy13 — Sat, 03 Aug 2013 06:59:11 GMT

Maybe this is why my EQ is always the lower of the 3 CRA, lol