Difference in info/extent seen between a "soft" /"hard" pull on this site?

[Anonymous]

Is there a difference in the "soft pull" reports generated by this "myFICO" website and those "hard pulls" that a

company requesting and paying for a report would get?

Recently I was talking to a friend and she said that she had a case once where an item she knew for  fact had been reported

as dilinquent, did not show up on the reports that she was requesting.   It proved difficult to track down what was dinging her

credit report in fact.    She thought it was a difference in level of access that the financing companies can get to your report as opposed to

"us" as private individuals.

So anyway, are the reports one can pay for and get from Experian, TransUnion and Equifax somehow limited in information,

and different from what credit-card and other types of financing companies will actually see?

Thanks Much.

[RobertEG]

It is up to the creditors to report the proper code to the CRAs.  Some are, admittedly, discretionary. 

The CRAs, under their contractor, the Credit Data Industry Assoc., have jointly produced a standardized set or reporting codes and standards, as set forth in "Credit Reporting Resources Guide," (c) CDIA.  So CRAs have standardized.  But how a creditor reports is up to the creditor, not the CRA,.

Actual credit reporting by any consumer is contracturally obligated to comply with the guidelines, but that having been said, there is no way to require any creditor to report the same information to all CRAs, or even report to all CRAs.  In the end, all each CRA can do is record what is reported to them.

Credit inquiries are a good example.  Neither the FCRA or the Credit Reporting REsources Guide, ever uses the terms "hard" or "soft" pull.

There are a myriad of reporting codes for credit inquiries.  What is included in your FICO score is dependent solely upon first what code the creditor reports, and second, then upon which codes the FICO scoring algorithms do or do not include in your credit scoring.

[StartinOver]

Wow, RobertEG, I love to read your posts, they are so informative and I learn so much from them.

I guess the simple answer would be that, when the consumer pulls it, it should be a soft pull not affecting your score, but when a lender/creditor pulls it it is a hard pull affecting your score. Employment and landlord pulls or pree-qual pulls are to be coded so they come up as soft, as as like RobertEG stated, if they don't use the correct coding they might come up as a hard. I had that happen on an employment pull. Which is bad if you employer sees where you are applying for a job .

[RobertEG]

Yup.

So-called “soft” credit inquiries by others should be coded with the CRA with the following codes.  If properly coded, FICO does not consider these inquiries in credit scoring:

PRM                Inquiries coded with this prefix are promotional inquiries,

                        made by those who are soliciting new credit, and were not pre-authorized by the consumer.  The CRA may provide only

                        your name and address, an NOT full access to your CR.

AM or AR       Inquiries with this prefix indicate a period review of your credit by

                        an existing creditor. They do not require prior consumer approval. 

                        The CRA provides your full credit report., but FICO excludes it, if properly coded, from scoring.

EMPL             Inquiries with this prefix indicate access to your credit report for purposes

                        of review of your credit by a new or existing employer.

                        They require prior consumer authorization, provided by way of

                        certification by the employer of agreement with the employee.

                        The CRA provides your full credit report.

                        FCRA 604(a)(3)(B)

PR                   Inquiries with this prefix indicate that a creditor reviewed your credit file

                        as part of a portfolio that they were purchasing

                        FCRA 604(a)(3)(B)

ND                  Inquiries that were not requested by a creditor or employer

                        These are typically inquiries made by a consumer for his or her

                        own credit report.  These inquiries do not display to any creditor.

                        FCRA 604(c).

ND MR           Inquiries coded with this prefix are for purposes of providing information

                        to another company related to reissue of a mortgage loan.

                        FCRA 604(a)(3)(B)