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Why do banks regularly sp reports?

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Traveler101
Established Contributor

Why do banks regularly sp reports?

When I pull my reports, I see almost monthly the same people, Capital one, Amex, Barclay's, USB soft pulling my reports across multiple CRA'S. I don't see any from credit unions. Wonder what the reasoning is behind it. Amex and usb are relatively new, both under 6 months. The others have been doing it for years. 

Message 1 of 14
13 REPLIES 13
Kforce
Valued Contributor

Re: Why do banks regularly sp reports?

To find out who to send offers, & advertising.

To see if they need to lower your CL or close your card.

Are you naughty or nice

Message 2 of 14
cashorcharge
Community Leader
Super Contributor

Re: Why do banks regularly sp reports?

Sometimes it feels like...somebodies watching me...

They're keeping tabs on you....they keep tabs on a lot of people...

It's a standard practice

Message 3 of 14
Traveler101
Established Contributor

Re: Why do banks regularly sp reports?

They must think I'm naughty. Banks that is. I never see it from credit unions. And I haven't been on a spree either. The last 2 cc opened were the first in 2.5 years.

Message 4 of 14
Traveler101
Established Contributor

Re: Why do banks regularly sp reports?


@cashorcharge wrote:

Sometimes it feels like...somebodies watching me...

They're keeping tabs on you....they keep tabs on a lot of people...

It's a standard practice


I know..I'm singing that song..lol

Message 5 of 14
OmarGB9
Community Leader
Super Contributor

Re: Why do banks regularly sp reports?

As mentioned above, to keep tabs on you. Not sure why CUs don't. I guess cause it costs money and since they're member-owned, maybe it's not worth it for them?


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 6 of 14
Traveler101
Established Contributor

Re: Why do banks regularly sp reports?


@OmarGB9 wrote:

As mentioned above, to keep tabs on you. Not sure why CUs don't. I guess cause it costs money and since they're member-owned, maybe it's not worth it for them?


Definitely gives a feeling on self consciousness. Almost makes me hesitant at times to apply for any new card or account to some respects. Afraid they may lower the boom on me. Especially in today's economic climate. I thank you folks for your responses.

Message 7 of 14
OmarGB9
Community Leader
Super Contributor

Re: Why do banks regularly sp reports?


@Traveler101 wrote:

@OmarGB9 wrote:

As mentioned above, to keep tabs on you. Not sure why CUs don't. I guess cause it costs money and since they're member-owned, maybe it's not worth it for them?


Definitely gives a feeling on self consciousness. Almost makes me hesitant at times to apply for any new card or account to some respects. Afraid they may lower the boom on me. Especially in today's economic climate. I thank you folks for your responses.


It's just standard practice. They do it to all of their customers. No need to feel self conscious. Smiley Wink

 

If they do "lower the boom" due to economic conditions, just know it wasn't anything you did, and merely a sign of the times. Nothing personal. 


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 8 of 14
CreditCrusader
Valued Contributor

Re: Why do banks regularly sp reports?


@Kforce wrote:

To find out who to send offers, & advertising.

To see if they need to lower your CL or close your card.

Are you naughty or nice


Smiley Very Happy

In my wallet: Apple $5,000, local CU $15,000, Bread AMEX $5,000. In my sock drawer: A few other cards Smiley Happy

Current scores (EQ, EX, TU): 787, 788, 796
Message 9 of 14
Hex
Valued Contributor

Re: Why do banks regularly sp reports?

Who says credit unions don't soft pull check credit reports? I'd be willing to bet that when Navy Federal and PenFed provide me with my scores they take a little looksee at it themselves. I'm pretty sure that's where they get the data to process soft pull credit limit increases and special offers. 

Message 10 of 14
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