topic Re: Soft or Hard Hit? How do you tell? in Rebuilding Your Credit

Soft or Hard Hit? How do you tell?

StartinOver — Sat, 05 Dec 2009 20:32:26 GMT

If on credit reports they divide the inquiries into two categories: 1)what everyone sees 2) what only you see

how do you know which are soft and which are hard. I understand they count against you first year, on for two.

I have a lot of inquiries, some I solicited, some I did not. Also, I am licensed under gaming laws to do my office job, and they have checked it a couple of times. These are not marked employment, yet I don't know how to tell if each inquiry is hard or soft. I don't like to make assumptions that because they are employment they are soft. I like facts. Can anyone help me understand which ones are being counted against me and which are not?

Thanks to all who give their advice on these boards, we appreciate it.

Re: Soft or Hard Hit? How do you tell?

Anonymous — Sat, 05 Dec 2009 22:55:39 GMT

The INQs that everyone can see are "hard". The ones that only you can see are "soft" and don't impact your credit score.

Re: Soft or Hard Hit? How do you tell?

StartinOver — Wed, 09 Dec 2009 05:56:36 GMT

That means that inquiries that were done for employment were done as hard inquiries, since they are listed as ones everyone can see. I wonder if they can get them changed to soft inquiries so they lessen the impact they are having on my credit report. One is over 1 year old, but two of them are my present employer, who is monitoring my credit, because of my position. They told me their agency they use said it was a soft hit, yet it is not in the category of those that only I see, but where all see. I think I might challenge the permissible purpose and ask them to not verifiy it, so it can be removed, since they don't know how to change it to a soft inquiry.

Re: Soft or Hard Hit? How do you tell?

llecs — Wed, 09 Dec 2009 14:25:34 GMT

I may be wrong, but I think the FCRA mentions that inquiries related to employement have permissible purpose.

Can you see these inquiries on your FICO report?

Re: Soft or Hard Hit? How do you tell?

StartinOver — Thu, 10 Dec 2009 05:55:37 GMT

Yes, they are permissible purpose, as employment soft inquiries, but as a hard no one can tell they are employment and they are factored into my score, so that is why I wanted to challenge it.

Yes, I can see them in the category where lenders see them. They are not in the category that does not count against my score and only I can see.

A thought, if everyone put them on as hard, then they would know what other jobs you are applying for. It keeps it confidential when they can't see.

Re: Soft or Hard Hit? How do you tell?

RobertEG — Thu, 10 Dec 2009 06:58:52 GMT

Credit inquiries for employment purposes are a permissable pull under FCRA 604(a)(3)(B), but with stringent limitations set forth in FCRA 604(b). Not all permissible pulls are hard pulls. The FCRA does not regulate the coding of inquiries as soft or hard, only the amount of infromation that can be provided, and to who.

Under FCRA 604(c)(1), emmployment inquires cannot be disclosed to anyone else without your express prior authorization. It is not a credit transaction initiated by the consumer, and thus is restricted.

FCRA 604(c)(3) speifically states that a consumer reportmg agency cannot furnish a record of any such inquiries.

Re: Soft or Hard Hit? How do you tell?

StartinOver — Sat, 12 Dec 2009 05:35:55 GMT

Robert, thanks so much for your help.

Let me say this again, and confirm if I am saying it correctly.

Employment pulls can be soft or hard, but can not show to other lenders or anyone else without my approval.

On my TransUnion report, my employment inquiry shows under the section called Regular Inquiries (is this considered HARD inquiries?), that show for two years. It is NOT under the section called Account Review Inquiries (is this considered SOFT inquiries?) that states they are not displayed to anyone but me.

That would mean the are not in compliance with Under FCRA 604(c)(1), right?

Re: Soft or Hard Hit? How do you tell?

haulingthescoreup — Sun, 13 Dec 2009 14:21:50 GMT

If they coded them as hard inquiries, they CAN be seen by other lenders, and they CAN affect your score.

IMO, it is worth calling their HR departments and asking them (politely, of course) to recode as soft. They've gotten the info that they need. They might well have no idea about the difference between the two in terms of impact on your credit.

eta: Per RobertEG's helpful post on another thread, these should be coded as EMPL, and therefore appear under the soft category.

Message Edited by haulingthescoreup on 12-13-2009 06:21 AM