Author Topic: Dispute Credit pull?  (Read 36447 times)

Offline Redbull3

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Re: Dispute Credit pull?
« Reply #435 on: November 28, 2016, 04:44:16 PM »
So they can pull a soft any time they want if I never opted in?
There's no such thing as "opting in." There's only opting out.
+1
Also, not "anytime they want", but rather, permissible purpose is required.

Offline jsk173

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Re: Dispute Credit pull?
« Reply #436 on: November 28, 2016, 04:44:39 PM »
My point was to highlight the legality of it... are you saying there is a difference, in law, for soft vs hard, when it comes to non-customers? Asking outing of curiosity and not trying to "get you".

Yes, it's illegal for anyone to make a hard pull of a *non-customer's* credit file without the person's express advance consent.

Offline yochiek93

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Offline jsk173

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Re: Dispute Credit pull?
« Reply #438 on: November 28, 2016, 04:46:42 PM »
So here is the problem. Mr LOL claims the FCRA does not make a distinction between soft and hard pulls. So that means they can pull a soft or hard in this situation and that is 100% false. They are allowed to pull a soft but not a hard.

Man, you are an unbelievably dishonest person. It's just incredible to see the performance you're putting on here.

And speaking of dishonesty, I'll ask again, for the sixth time: Are you retracting the bald-faced lie you posted above? You know damn well that I never told anyone they needed to know Customs regulations for their Global Entry interview. You're lying through your teeth to change the subject after you got humiliated.

Offline jsk173

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Re: Dispute Credit pull?
« Reply #439 on: November 28, 2016, 04:48:28 PM »
I agree 100%. Earlier I said that is where the judge (courts) comes into play and says what they can and can't do. His typical response was "LOL".

No, you don't agree. *I'm* the one who pointed out that banks often don't do things just to be conservative.

I can't believe how utterly dishonest you are. This is a pathetic display.

Offline Redbull3

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Re: Dispute Credit pull?
« Reply #440 on: November 28, 2016, 04:51:36 PM »
Anyone disagree with anything?

1. Banks need permissible purpose to pull (soft). Practically, major FI do this all the time for determining pre-approved population, for identifying spend engagement or credit line increase opportunities and a myriad of other projects.
2. As a consumer, you can freeze, which means that even with a permissible purpose, they can't pull your report for any of these reasons. As a result, you're unlikely to receive much marketing from them, and you definitely won't receive pre-approved offers. If you opt out of marketing (different from freezing your report) you literally will not get anything.
3. Banks could - but don't - do a hard pull on existing customers. Why they don't do this, even though they could, probably can be chalked up to erring on the side of caution especially with mounting pressures from consumer advocacy groups and government bodies in the entire credit arena. Fines have been flying. I can also confirm that FIs were pressured into supplying FICO scores.
4. Since banks don't do hard pulls unless you ASK them to (let alone all the time) it is certainly worth paying attention to your hard pulls - activites such as MBMs, refined these days to mean applying on same day with same bank, are still good ideas to reduce pulls. If you can eliminate a HP with a phone call, it's worth it.
5. Can y'all hug it out now?

Offline JTZ

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Re: Dispute Credit pull?
« Reply #441 on: November 28, 2016, 04:52:41 PM »
Here is very simple one (two). Does the FCRA make a distinction between hard and soft pulls? Does it say anywhere they can do a hard pull for this and a soft pull for that.
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Online aygart

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Re: Dispute Credit pull?
« Reply #442 on: November 28, 2016, 04:53:09 PM »
Yes, it's illegal for anyone to make a hard pull of a *non-customer's* credit file without the person's express advance consent.
Did we finally get a yes?!?!?!?!?!?!?
So is there a distinction for a non-customer 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 #443 on: November 28, 2016, 04:55:15 PM »
Anyone disagree with anything?

1. Banks need permissible purpose to pull (soft). Practically, major FI do this all the time for determining pre-approved population, for identifying spend engagement or identifying credit line increase opportunities and a myriad of other projects.
2. As a consumer, you can opt out, which means that even with a permissible purpose, they can't pull your report for any of these reasons. As a result, your unlikely to receive much marketing from them, and you definitely won't receive pre-approved offers. If you opt out of marketing (different from freezing your report) you literally will not get anything.
3. Banks could - but don't - do a hard pull on existing customers. Why they don't do this, even though they could, probably can be chalked up to erring on the side of caution especially with mounting pressures from consumer advocacy groups and government bodies in the entire credit arena. Fines have been flying. I can also confirm that FIs were pressured into supplying FICO scores.
4. Since banks don't do hard pulls unless you ASK them to (let alone all the time) it is certainly worth paying attention to your hard pulls - activites such as MBMs, refined these days to mean applying on same day with same bank, are still good ideas to reduce pulls. If you can eliminate a HP with a phone call, it's worth it.
5. Can y'all hug it out now?

Excellent recap. I made the point you made in #3 on page 1 or 2, but for reasons that remain unexplained, it became highly controversial.

My addendum to #3 would be that companies very often don't do things that are legal, for the simple reason that they don't like to annoy existing customers unnecessarily. Companies could give out change in only $1 bills, but they don't, because it would annoy people. Likewise, doing a hard pull of an existing customer's credit report for purposes of account review, while legal, could serve to annoy some of the more credit-savvy customers, so banks rarely do it.*


(* But not never. Just a few pages ago in this very thread, an example arose of Citi requiring a hard pull for a credit reallocation.)

Offline jsk173

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Re: Dispute Credit pull?
« Reply #444 on: November 28, 2016, 04:56:23 PM »
Here is very simple one (two). Does the FCRA make a distinction between hard and soft pulls? Does it say anywhere they can do a hard pull for this and a soft pull for that.

Asked and answered on PAGE 1 OF THE THREAD.

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Re: Dispute Credit pull?
« Reply #445 on: November 28, 2016, 04:58:30 PM »
Asked and answered on PAGE 1 OF THE THREAD.
Are you incapable of giving a simple straight answer?
The thing with the hamster is that running on the wheel is actually what it is trying to do.

Offline yakov116

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Re: Dispute Credit pull?
« Reply #446 on: November 28, 2016, 05:01:12 PM »
Are you incapable of giving a simple straight answer?
That has been answered on page 1,2,3,4,5,6,7,8,9 :)
Money talks...mine says goodbye!

Offline JTZ

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Re: Dispute Credit pull?
« Reply #447 on: November 28, 2016, 05:04:24 PM »
Asked and answered on PAGE 1 OF THE THREAD.
Hopefully we can now have a straight forward discussion. Your answer on page 1 wasn't clear to me. It doesn't matter if you are an existing customer or not the FCRA does not make a distinction between a hard and soft pull? Do I have that correct?
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline jsk173

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Re: Dispute Credit pull?
« Reply #448 on: November 28, 2016, 05:05:20 PM »
Are you incapable of giving a simple straight answer?

No.

Offline yakov116

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Re: Dispute Credit pull?
« Reply #449 on: November 28, 2016, 05:06:32 PM »
Money talks...mine says goodbye!