@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?
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.
@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, 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#msg1604259Who 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?
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
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
Three loan payments usually means three months.
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.
I am not going off on a tangent here, just answer the damn question please
Which question?
Missed payment ≠ defaulted payment
And? Your original comment said "defaulted on payments three times in a row with a certain bank."
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?