@cr101 wrote:
I've done a SP and got declined and was shown my score and denial reasons. Is this something that's auto displayed to them? Does the HP give them full access to my report (same view that I have) and the SP just gives them automated responses? Just trying to figure out why one would do a HP when the SP provides a score and different possible reasons for denial.
@cr101. This is a frequently asked question and I would recommend that you read the responses from @RobertEG in this thread: What does a lender get from a soft pull?
A soft pull provides the same credit report information to lenders as a hard pull (The exception is promotional or PRM soft inquiries which only show your name and address). The difference in pulls (inquiries) is that only a consumer can see a soft pull on their own credit report, while a hard pull is seen by anyone who checks your report.
It also appears that you're confusing.a credit report with a credit score; they are not the same thing. The credit score is based on the information in your credit report; but its an additional cost to the lender to ask the credit reporting agency to calculate your score.
Finally you need to understand that credit reports are designed and intended for the use and benefit of the lender; not the consumer. So a hard pull is a notice to other lenders that you are seeking credit so they could include that factor in analyzing your riskiness to them.
Lenders are required to give you four reasons or factors why they took adverse action i.e. why they declined your application for credit and usually the four reasons are listed in order of importance. Occasionally a fifth reason is given when the number of hard inquiries on your credit report has adversely impacted your credit score.
