Hard Pull on My Credit Report Should I Be Worried?

[lillymarlene]

I joined Credit Karma about a month ago, just out of curiosity. I also checked my 3 credit reports, since I usually do that once a year. Then last week I received an "alert" from Credit Karma saying that I recently had a "hard pull" on my credit.

Should I check into this further? I'd hate to have to order another credit report, since I've already had my free one for the year. I have not applied for any credit cards or loans, opened any new bank accounts, or authorized any credit checks.

Though in one way I'd say "Well, Good luck to them!..the kind of credit record I now have" but could it be possible somebody is trying use my identity?

[df04527]

Yes i would check on it. Hard pulls are supposed to be only authorized by you if you have applied for credit. Your creditors may do soft pulls however.

[HHM]

Hard pulls are supposed to be only authorized by you if you have applied for credit.

That statement is only half true...the true part is that the creditor must be authorized (but that also means authorized by law, not just by the individual), the incomplete part is that the only basis a had pull is in relation is applying to credit...not true. There are all sorts of authorized reasons under FCRA. FCRA uses the term "permissible purpose", here is the short list.

1. Response to Court order
2. Consumers written instructions
3. Extension of Credit
4. Account review (this is the biggy, a creditor may do a hard pull to review the account of an existing customer to see if they still meet the requirements).
5. Collection of Credit Accounts
6. Collection of Judgments Debts.

Most likely, contractually, you gave your lender pre-authorization to check your credit when ever it wants.

Don't worry about it, your talking about an event (an hard pull) that has "minimal" effect on your credit and a lifespan of about 30 to 90 days.

Regarding identity theft, I wouldn't consider a single hard pull worth the time and effort to check (given what I said above), now, if you get say 4 hard pulls and new accounts showing up on your credit, then there is a problem. But a single hard pull, probably not an issue.

[lillymarlene]

Thanks for the replies. Most likely my "mortgage bank" did the checking, since they keep sending me ads for home equity loans, and credit cards. HHM you're probably right, it's not yet worth my time or expense to bother checking into it

[bcss]

Question, can a debt collector or the original creditor pull your credit during the bk stay? I had several of my creditors hard pull right after I filed, not a problem. But I had one CA hard pull about a month after my 341 meeting, but before discharge. Never heard of them, and have no idea who they were trying to collect for. Is this a violation of the stay? If any company did a hard pull after discharge I would definitely feel like it was a violation of the permanent injunction? Besides my credit report just like anything else in my life is nobody's business.

[HHM]

Besides my credit report just like anything else in my life is nobody's business.

That is actually a very funny statement given that a credit report is, in fact, everyone's business, except the person that it is about. A credit report is about you, but it is NOT yours. Credit reports were created so that your financial dealings would become everyone else's business

As for potential violation of stay, not really. It is a very long stretch to argue that simply looking at your credit report is an attempt to collect a debt. And even if you could make the argument, in context, it is difficult to see how you are harmed...you did just file BK, that is far more damaging than any hard pull.

Again, my point on these types of questions and threads....keep things in perspective. You are about to eliminate x thousands of dollars in debt, get a fresh start, and move on with your life. Why waste an ounce of energy on something that is so meaningless in the grand scheme of things and for which you essentially have no control anyway?

[df04527]

I have to disagree hhm unless something has changed in the last two years. Creditors (existing) may do soft pulls on your credit anytime they feel like it and anyone they have sold the debt to (collection agents etc). Full hard pulls are only to happen when you authorize it for new credit because hard pulls impact your credit score. Soft pulls do not. All pulls must be done by businesses that have permissable purpose. That, in and of itself, does not dictate the type of pull they can do.

I want to add that credit pulls and the associated inquiry stay on your report for two years. A hard pull will typically cost the person 3 points or so. I have seen as much as 5 points and i have also seen 2 points.

[HHM]

I have to disagree hhm unless something has changed in the last two years. Creditors (existing) may do soft pulls on your credit anytime they feel like it and anyone they have sold the debt to (collection agents etc). Full hard pulls are only to happen when you authorize it for new credit because hard pulls impact your credit score. Soft pulls do not. All pulls must be done by businesses that have permissable purpose. That, in and of itself, does not dictate the type of pull they can do.

I want to add that credit pulls and the associated inquiry stay on your report for two years. A hard pull will typically cost the person 3 points or so. I have seen as much as 5 points and i have also seen 2 points.

Okay, you are entitled to your opinion, but, my information comes right out of FCRA. There may be certain industry practices regarding had and soft pulls, but there is no LEGAL differentiation.

[bcss]

Thanks HHM for your answer. Yea I understand how the whole credit reporting thing came about and you don't own it. Just somethings are personal and I don't want to share it unless I choose to. Maybe they did me a favor to help ruin my credit a little more and helped me get through the BK process unscathed. I am most grateful to get rid of the punishing debt load I had and an opportunity to start over again.

I'm in not hurry to get back on the credit bandwagon. Got used paying cash and work to improve my finances is more important. Fico scores are really a joke, it only shows part of financial situation. Kinda like the story of the blind men trying to describe an elephant. I got one CC and pay it off each month, starting to clean up errors in my report. I know time will heal it. Just this time I am handling it differently.

[HHM]

I came across an apt quote in another forum.

Credit is a good servant, but a horrible master. (or something like that).

Too many people are slaves to credit.

[joshuagraham]

I would fight it tooth & nail. Demand from the requester for your written approval for the hard credit pull. Just because you already have a loan, that does not give the right for the creditor to do a HARD credit pull (SOFT pulls are OK.)

[lillymarlene]

I would fight it tooth & nail. Demand from the requester for your written approval for the hard credit pull. Just because you already have a loan, that does not give the right for the creditor to do a HARD credit pull (SOFT pulls are OK.)

I would, but this info came to me via Credit Karma. I may be missing something, but their e-mail "alert" doesn't seem to specify a name who did this hard pull. I could find out by getting my credit reports again, but I'd have to pay for them since I already accessed them about 2 months ago. I'm not so sure it's worth it, since it'll be another couple of years before I'm out of this chap 13 and I'm not looking for any credit cards.

[bcss]

Exactly what does a creditor or anyone with a permissible purpose see different from a soft vs a hard pull?