Author Topic: Dispute Credit pull?  (Read 36345 times)

Offline shulem92

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Re: Dispute Credit pull?
« Reply #300 on: November 28, 2016, 12:38:04 AM »
@jsk I'm long past this discussion with you, but let me ask you a theoretical question. If someone were to default on payments 3 times in a row with a certain bank, would they be allowed to hard pull your credit to reassess? Would they?

Offline aygart

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Re: Dispute Credit pull?
« Reply #301 on: November 28, 2016, 12:39:08 AM »
@jsk I'm long past this discussion with you, but let me ask you a theoretical question. If someone were to default on payments 3 times in a row with a certain bank, would they be allowed to hard pull your credit to reassess? Would they?
yes or no?
The thing with the hamster is that running on the wheel is actually what it is trying to do.

Offline jsk173

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Re: Dispute Credit pull?
« Reply #302 on: November 28, 2016, 12:39:16 AM »
so you are saying that for non customers there is a distinction between hard and soft but not for existing customers?

Right, existing customers are subject to sections (3)(F)(i) and (3)(F)(ii) of the statute you posted while non-customers are not. This was covered roughly 200 comments ago.

Offline aygart

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Re: Dispute Credit pull?
« Reply #303 on: November 28, 2016, 12:40:03 AM »
Right, existing customers are subject to sections (3)(F)(i) and (3)(F)(ii) of the statute you posted while non-customers are not. This was covered roughly 200 comments ago.
Does that mean yes?
So for non customers there is a distinction between hard and soft?
The thing with the hamster is that running on the wheel is actually what it is trying to do.

Offline jsk173

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Re: Dispute Credit pull?
« Reply #304 on: November 28, 2016, 12:44:33 AM »
@jsk I'm long past this discussion with you, but let me ask you a theoretical question. If someone were to default on payments 3 times in a row with a certain bank, would they be allowed to hard pull your credit to reassess?

Yes, the loan's servicer would be allowed, as was made clear over 200 comments ago. See section (3)(F)(ii) of the relevant statute posted here:

http://forums.dansdeals.com/index.php?topic=7467.msg1604259#msg1604259

Quote
Would they?

Who knows? Most loan issuers have flat-rate subscription access to soft pulls, so a hard would probably be a waste of time and/or money.

Offline shulem92

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Re: Dispute Credit pull?
« Reply #305 on: November 28, 2016, 12:45:44 AM »
Yes, they'd be allowed, as was made clear over 200 comments ago. See section (3)(F)(ii) of the relevant statute posted here:

http://forums.dansdeals.com/index.php?topic=7467.msg1604259#msg1604259

Who knows? Most loan issuers have flat-rate subscription access to soft pulls, so a hard would probably be a waste of time and/or money.
Now let's say they were closing down said persons accounts after the 3 defaulted payments, wouldn't it make sense for them to do a hard pull first?

Offline jsk173

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Re: Dispute Credit pull?
« Reply #306 on: November 28, 2016, 12:47:52 AM »
Now let's say they were closing down said persons accounts after the 3 defaulted payments, wouldn't it make sense for them to do a hard pull first?

Why would that "make sense"? The FICO score for the person in question would already be in the tank from the recent 90-day late. A hard pull on top of that would have, in practical terms, zero punitive value.

Offline shulem92

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Re: Dispute Credit pull?
« Reply #307 on: November 28, 2016, 12:49:32 AM »
Why would that "make sense"? The FICO score for the person in question would already be in the tank from the recent 90-day late. A hard pull on top of that would have, in practical terms, zero punitive value.
Why are you assuming 90 day late? Let's assume the guy defaulted 3 payments on the same day for 3 different cards

Offline jsk173

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Re: Dispute Credit pull?
« Reply #308 on: November 28, 2016, 12:51:25 AM »
Why are you assuming 90 day late? Let's assume the guy defaulted 3 payments on the same day for 3 different cards

You said "default three times in a row" in your original comment. Now you're saying it was three missed payments at the same bank but none of them went even to 30 days late?

Offline shulem92

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Re: Dispute Credit pull?
« Reply #309 on: November 28, 2016, 12:52:36 AM »
You said "default three times in a row" in your original comment. Now you're saying it was three missed payments at the same bank but none of them went even to 30 days late?
I said 3 times. Where did you deduce 3 months? And yes for theoretical purposes nothing ever went late

Offline jsk173

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Re: Dispute Credit pull?
« Reply #310 on: November 28, 2016, 12:54:34 AM »
I said 3 times. Where did you deduce 3 months? And yes for theoretical purposes nothing ever went late

Three loan payments usually means three months.

If you're saying someone missed three payments the same month but then got current and the person's credit report was clean, it's unlikely that shutdown would follow.

Offline shulem92

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Re: Dispute Credit pull?
« Reply #311 on: November 28, 2016, 12:55:28 AM »
Three loan payments usually means three months.
I am not going off on a tangent here, just answer the damn question please

Offline shulem92

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Re: Dispute Credit pull?
« Reply #312 on: November 28, 2016, 12:56:41 AM »
Three loan payments usually means three months.

If you're saying someone missed three payments the same month but then got current and the person's credit report was clean, it's unlikely that shutdown would follow.
Missed payment ≠ defaulted payment

Offline jsk173

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Re: Dispute Credit pull?
« Reply #313 on: November 28, 2016, 12:56:50 AM »
I am not going off on a tangent here, just answer the damn question please

Which question?

Offline shulem92

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Re: Dispute Credit pull?
« Reply #314 on: November 28, 2016, 12:57:43 AM »
Which question?
A person defaulted on 3 payments in one month. Would the bank do a hard pull before closing down their accounts?