Hello everyone. I'm new here and doing a lot of research and trying to come up with a plan. My credit was good until I became unemployed for a little over a year. Thankfully I found a decent job and would like to get back where I was. I searched through the threads but could not find an answer to my questions. My first question is this considered excessive hard pulls? All from HFC Loan opened 01/2006 HP 08/10/2006 HP 01/08/2007 HP 01/16/2007 HP 01/30/2007 HP 02/08/2007 Loan Charged off 04/2007 I believe that might be excessive and against the law. If it is can I use it as leverage to get them to delete the negative tradeline? Thanks!
None of them should be hard if they were regarding an account in good standing. If the permissible purpose for pulling them was to review your credit on an existing loan, and not in response to a new application for credit, as standard industry practice they should be "Account Review", or soft. In effect, they would have acted as a predatory unfair trade practice that locked you out of financing, or refinancing, thru any other lenders, as only HFC would know that you were not repeatedly applying for new credit. How much did they bring your scores down? Many lenders will reject applications for credit due to too many recent inquiries alone, regardless of scores. Did they interfere with other attempts to obtain credit, in particular, to pay off their loan by refinancing with a different lender on better terms? Is the loan now paid off? However, if it went into delinquency in 08/2006, there might be some justification in pulling hard. In effect, it is a collection account. What lates did they report? Are they accurate?
I don't know how much they brought my scores down. I've been unemployed (broke) for a long time and have not been monitoring my credit reports. I just pulled a free one and saw all of this. I did not try refinancing with anyone as I had no way to pay the bills. I start a new job in two weeks though and money will be coming in. The loan is not paid off. It went to a collection agency after the hard pulls but has not shown up on my credit report yet.
If you stopped paying back in 08/2006, and at that time the hard inquiries started showing up, you might be in a grey area. Most lenders would probably still be pulling AR all along, however, just reporting the lates. Technically they would be erroneously coded if they falsely indicated that you were applying for new credit, and the lender could easily correct this, but you would be in a better position to demand it if you had the loan paid off. Since it is charged off, you might soon be receiving calls from a CA. If you are not paying, most lenders would prefer you to pay them off, even by financing with someone else. HFC is known for its predatory tactics, but that is one I had not thought of.
Where, exactly, are you getting your information about the hard inquiries? From an original CR from TU, EQ, or EXP? Or from a third party credit monitoring service? If you have a collection account, and HFC owns the account legally, unfortunately, they can do a pull as often as they want. It may be in your interest to post other details about how the account is being reported on each of the three credit reports. OPT OUT at (888) 5 OPT OUT
Jan/Feb's 4 pulls could be entering the poisoning zone... 3 hards in one month is more than excessive to me.
Yes, but the law, not your opinion, is all that matters. I challenge you to find a law, common or otherwise, which defines PP in a way which how often is " excessive ". Yours, although clearly valid, is just an opinion. A judge is not going to enforce your opinion, only the law. But the law does not define excess in this situation. PP is PP, and if a company wants to wantonly spend money on hard pulls, they can pull as often as they like if they have PP for collections purposes.
