Reports pulled without permission? - Credit Repair Forum from Creditnet
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  1. #1
    nosnip is offline Member
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    Sep 2003
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    Reports pulled without permission?

    Quick question.

    While looking over my credit reports (and my spouses) we noticed that the bank we currently have a loan through is pulling our credit report every month of month and a half for the past little bit.

    We haven't been late.

    We haven't reapplied for anything with them.

    Can they do this since we have an exisiting loan with them?

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  3. #2
    Platinum is offline Senior Member
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    Re: Reports pulled without permission?

    Originally posted by nosnip
    Quick question.



    Can they do this since we have an exisiting loan with them?

    Yes, than can...and that's the main reason why they do that...

  4. #3
    Butch is offline Senior Member
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    Reports pulled without permission?

    Good question Nosnip,

    What kind of a loan is it? Is it an installment loan, like where you have a specific amount due on the same date, each month, for a fixed number of months? (like a car note)

    Or, a flexible credit line, where the amount due can change, and you can again borrow against it, from time to time?


    And I assume these inqs. are "soft", meaning they can be seen ONLY by you?

    Welcome to the board.

    :)

    .

  5. #4
    DanS is offline Senior Member
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    Re: Reports pulled without permissi

    Does your loan have a fixed interest rate and finite number of payments? If so, sounds like it's NOT alright to pull - there's an opinion letter about this on the FTC site. It's quoted often in threads.

    If it's a line of credit, variable rate, etc. then it is permissable. Hopefully these are soft (AR, account review) and not hard inquiries.
    Ch7 BK filed Aug '01 - got $300k+ mtg 5.5% fixed w/5% down and car loan since - no luck, just built up CL w/crap cards and paid them off.
    May'03 ->Apr'04 [fako]-FICO
    EX 580->[695] 712
    TU 590->[680] 697
    EQ 585->[651] 679(BK off, gained 3 lousy points!)
    balance was 18.5k, now $2k! utilization was 95%, now 10%

  6. #5
    Butch is offline Senior Member
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    Re: Re: Reports pulled without permissi

    Originally posted by DanS
    Does your loan have a fixed interest rate and finite number of payments? If so, sounds like it's NOT alright to pull - there's an opinion letter about this on the FTC site. It's quoted often in threads.


    lol, great minds and all that.


    If it's a line of credit, variable rate, etc. then it is permissable. Hopefully these are soft (AR, account review) and not hard inquiries.


    Jlynn knows which one it is. (Don't forget the footnote JL) :).

    There are 2 schools of thought on this one.

  7. #6
    nosnip is offline Member
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    Re: Re: Reports pulled without permissi

    The loan at this point is an installment loan.

    We borrowed a semi large sum of money. The way it works is for the the first 3 years, we pay a set amount each month. We have a payment book, etc.

    After three years, the balance is refinanced into a payment plan.

    We are 19 months into this loan and have never been late.


    I am unsure if the inquires are hard or soft. (how do I tell?) I am assuming they are hard since they are in the section of my credit report that states "This section contains the names of those who obtain a copy of your credit report. Inquires remain on your report up to two years."


    Also, while we are on the subject, the names of most of the inquires on there are abbrevated. How do I find out who they are? There have been 10 inquires this year alone from various companies and I don't recognize most all of them.

  8. #7
    SoParkDiva is offline Senior Member
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    Re: Re: Reports pulled without permissi

    There's a legend on the bottom of your report that tells u what the abbreviations mean. Hard inquiries just have the name of the creditor. Soft inquiries have abbreviations in front of them.
    "The large print giveth, and the small print taketh away." - Tom Waits

    All I have in this world is my name and my FICO scores

    EQ - 732
    TU - 722
    EX - 658 (718)

  9. #8
    jrjr37 is offline Senior Member
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    Re: Re: Reports pulled without permissi

    It's probably something like an Account Review for credit cards. Since you have a credit relationship with them, it's probably permissable. Although I'm not sure why they'd have to do it for an installment loan?
    Money is a poor man's credit card.
    - Marshall McLuhan

  10. #9
    jlynn is offline Senior Member
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    Re: Re: Re: Reports pulled without permissi

    Originally posted by jrjr37
    Although I'm not sure why they'd have to do it for an installment loan?
    They can't do it for an installment loan - ie closed end transaction! They *might* have a pp at the end of 3 yrs when you refinance, but they can't go strolling thru your credit report now, if there is nothing they can modify currently (interest, payments, term, etc.) with your account based on the contract you signed 19 months ago.

    http://www.ftc.gov/os/statutes/fcra/gowen.htm


    I just sent out an ITS to Household Finance for pulling 5 times over the past year.

  11. #10
    Butch is offline Senior Member
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    Re: Re: Re: Reports pulled without permissi

    Here's what I was talking about JL.

    The Gowen Footnote:

    • S. Rep. No. 104-185 at 33 (1995). Hence, a creditor may obtain consumer reports for the purpose of reviewing its current closed end (or other) credit accounts without having to comply with the FCRA requirements applicable to prescreened transactions.



    I was thinking that it would be permissable for the creditor, EVEN ON A CLOSED END ACCOUNT, to "assess" the worth of his receivables portfolio.

    They would do that by trying to determine how much of their portfolio is "stable", as far as future payments are concerned.

    The only way to do that is to pull CR's.


    I know you've been looking at this issue. Tell me what you think.

    :)

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