@Brian_Earl_Spilner wrote:
@Anonymalous wrote:
@Vuby22 wrote:Agree, @Anonymalous, @RobynJ, OP -- I think you are onto something here. IMO think about Credit Karma. Obviously forget the score, but it knows (at least faster than most CMS) when something happens to your CR (at EQ/TU). If you drill through their app/site it will show you exactly what you see on a CR if you were to pull it manually (annualcreditreport, et al) at that point. That alone proves SP=HP info-wise? HP is just the buddy system for the money changers. The algos get busy working AFTER that.
Bringing up the credit monitoring systems raises some interesting implications. When we think of someone accessing our scores or reports, we normally think of pulls. But our credit reports aren't full of hourly soft pulls from the credit monitoring systems like CreditKarma, CreditWise, or Experian, and so on. Yet we're sometimes alerted very quickly of changes in our credit reports. That suggests either the monitoring systems continually ping the bureaus to see if there are any changes in the monitored reports, or that the credit bureaus actively push that data out to the monitoring systems. If there is a change, the monitoring systems presumably follow that with a soft pull.
The implication I find interesting is that we know lenders we have a relationship with will periodically pull our credit reports, usually once every month or three. We see this as account review soft pulls, in our credit report. But do the bureaus offer a monitoring service to lenders? Are lenders instantly alerted if there's a change in our profile? Are lenders able to set certain flags (completely hypothetical examples: score drop of 30+ points, utilization passing 80%, new tradeline, etc.), and get alerted shortly after a change is made that matches those criteria?
Yes, the bureaus do offer a service to notify if certain changes happen. They pay extra for certain triggers. Which ties into my next point. You all are assuming the lender is seeing the full report on both the soft, and the hard pull. Pulls cost money, which is why many of the provided free scores from lenders are vantagescore. Lenders can pay less for less data. There isn't two algorithms, it's one algorithm with two amounts of data, one being more complete than the other. Whether or not lenders can pay for just a portion of data for prequal is unknown, but many lenders will use smaller bureaus, like LexisNexis and sagestream in addition to fico or vantagescore. So, while you may have been pre-qualified with just your fico, the official app may turn up something on the additional reports that causes the denial.
so for example GS might be paying $2 per prequal of the Apple card to have enough information to approve people based on that pull, but a more shaky prequal like FNBO might only be paying $0.50 for a more limited amount of information to see if they can offer a less sure pre-qualification
No when they pull a SP they always get all the information, what the different levels of info for different cost come in play for solicited offers. What different choice would be they could pay for just people with a score being X-Y or people that just discharge a Bk but again if they do a SP from all my research is a SP gives the same info as a HP and again the HP is for risk management.
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@Anonymalous I will verify that in my business we use Experian to run credit reports for prospective clients on the corporate side. Anytime there is a significant change in a company's credit score or data, I am notified so... perhaps that's part of it?
