topic Re: HP v. SP in General Credit Topics

HP v. SP

Maximuss — Fri, 31 Jan 2014 21:36:09 GMT

What is the difference of what the creditor can see with one method versus the other? Just curious.

Re: HP v. SP

gdale6 — Fri, 31 Jan 2014 22:47:52 GMT

only you can see the SPs all can see the HPs

Re: HP v. SP

Anonymous — Fri, 31 Jan 2014 23:03:30 GMT

@gdale6 wrote:
only you can see the SPs all can see the HPs

I'm guessing the OP is really asking: does a creditor see more/different information with a HP than they do with a SP.

Re: HP v. SP

Anonymous — Fri, 31 Jan 2014 23:18:52 GMT

@Maximuss wrote:
What is the difference of what the creditor can see with one method versus the other? Just curious.

it depends on their systems interface and the company that they are using.

Re: HP v. SP

Anonymous — Fri, 31 Jan 2014 23:57:21 GMT

It's the same information... I suppose in some systems you might get less information with a soft pull, but the difference between a soft and hard pull is supposed to be this: hard = you apply for credit, soft = you check your own report or someone is prescreening you for credit, employment, property lease, etc. Not always that neat, but in theory that's supposed to be the big difference.

Re: HP v. SP

RobertEG — Sat, 01 Feb 2014 16:39:37 GMT

A so-called "soft" pull is one that is not shown in credit reports available to others.

The consumer can view soft pulls via their free annual report at annualcreditreport.com as that site is restriction only to consumer pull of their own CR,

A so-called "hard" pull is one that is shown in any credit report issued by the CRA.

The terms "hard" and "soft" inquiries are common terms that are not used of defined in the FCRA.

The only type of inquiry that is specifically barred from being shown in credit reports avaialbe to others are inquires related to firm offers for credit or insurance that were not initiated by the consumer. Those are the so-called promotional inquiries. The FCRA restricts information that can be included a report that has a stated permissible purpose of making a promotional offer. The CRA can proivde the consumer's name and address, but cannot provide any account specifric information.

Theoretically, any inquiry that has a permissible purpose other than a promotional inquiry can be coded as "hard."

Through such unpulished procedures that are not included in the standard credit reporting manuals of the CRAs, it is possible for the discretionary coding of an inquiry that qualifies as hard to be coded as soft.

Any inquiry other than a promotional inquiry gets your full CR.