I'll spare all of the long, boring details and cut to the nitty gritty of my concern. I recently pulled my EQ report and noticed 3 hard inquires on my report from my credit union. I disputed them (I did not initiate or ask for credit). EQ tells me they're valid and won't remove them. Also, there was a soft pull on the exact same day as the 2010 hard pull.
FFW to a couple of days later when I contacted the CU. I was told it was their practice to pull hard reports when you have a LOC with them. I questioned why a hard pull was necessary- "it just is" was basically the response. "I have no idea" was the reply to why a hard pull and soft pull were done on the exact same day.
I emailed the CEO, questioning the practice of doing hard pulls when a soft would suffice. He agreed it shouldn't be done and asked for a copy of my report, which I sent. Now, even with the report in front of him, showing the hard pulls, he's insisting that there's some special code used by EQ that codes the hard pull as a soft pull?? My understanding is that any inquiry under the "inquiries that may impact your credit rating" is a hard pull, correct? That's exactly where these are located.
I'm wanting to refi my mortgage and I don't want to explain these inquiries, especially since I didn't ask for them. I've asked them to recode the hards to soft- waiting to hear back. Either someone doesn't know what they're talking about or I'm getting screwed... Help! I can provide details if needed. Thanks!
They need to be coded as an AR- or AM- for them not to count. If they're listed first in that section about "inquiries that may impact your credit rating," they're hards.
(There are some additional prefixes, like PR- for promotional, but AR- and AM- are the ones used for account review and account management, which are softs.)
edited to correct the suffix vs prefix thingie, and to add this list (from a full Equifax score report):
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.)
Thanks for responding! I do the see the AR in the soft pull. The others are definitely hard pulls and I believe they're trying to insist otherwise.
I guess another question is: Is a company/ bank etc allowed to hard pull without your express permission? Any law against it? Sorry for my ignorance in this area- I'm learning from you wonderful folks!
Unfortunately, banks can and do pull hards for checking and savings, especially for such things as checking "yes" for overdraft protection, which they regard as a form of credit seeking.
The field is called the permissable purpose code which is what haullin has given you. What is that value for the hard pulls?