Dispute Credit pull?

[shulem92]

@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?

[aygart]

@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?

[jsk173]

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.

[aygart]

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?

[jsk173]

@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

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.

[shulem92]

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?

[jsk173]

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.

[shulem92]

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

[jsk173]

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?

[shulem92]

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

[jsk173]

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.

[shulem92]

Three loan payments usually means three months.

I am not going off on a tangent here, just answer the damn question please

[shulem92]

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

[jsk173]

I am not going off on a tangent here, just answer the damn question please

Which question?

[shulem92]

Which question?

A person defaulted on 3 payments in one month. Would the bank do a hard pull before closing down their accounts?

[jsk173]

Missed payment ≠ defaulted payment

And? Your original comment said "defaulted on payments three times in a row with a certain bank."

[shulem92]

And? Your original comment said "defaulted on payments three times in a row with a certain bank."

Missed payment ≠ defaulted payment

I am not going off on a tangent here, just answer the damn question please

[jsk173]

A person defaulted on 3 payments in one month. Would the bank do a hard pull before closing down their accounts?

I just answered this, in very clear terms, in #304. Why are you asking it again?

[george]

Wow, wow, wow. @jsk, you seem like a very pleasant person to converse with. LOL.

[shulem92]

I just answered this, in very clear terms, in #304. Why are you asking it again?

First of all I don't know what 304 is because I'm on tapatalk, and it clearly is the wrong post. Second of all, because your answer was under the assumption that the person had 90 days of late payments