Hard Inquiries Question

Discussion in 'Credit Talk' started by mommyof3, Jul 31, 2004.

  1. mommyof3

    mommyof3 Well-Known Member

    Quick question:

    I've been looking at my PG report and my question is, are the inquiries listed there hard inquiries?

    DH and I have a number that are from collection agencies. I still am not clear on PP, non-PP and all that, but do collection agencies have the right to pull hards, why can't they pull soft?

    Okay, maybe not so quick a question :)
     
  2. jam237

    jam237 Well-Known Member

    I'm still writing my complete analysis of Section 604 in depth... :)

    There is no differential between hards and soft as far as the statute is concerned. :(

    Soft was put as a service to the consumer to allow company's to pull a report, which wouldn't affect the consumers score.

    Ergo, this is exactly why CA's usually OPT for HARD pulls. Because it DOES effect your score. If they can take 5-10 points for the HARD inquiry, and 25-50 points for the COLLECTION ACCOUNT; they can do 30-55 points of damage, to the consumer to make the consumer really want to get rid of them.

    Essentially the CA has a PP under Section 604(a)(3)(A) from the second the account is assigned to them.

     
  3. jam237

    jam237 Well-Known Member

    PG inquiries only report hards, it is just like a non-exempted merchants report *SHOULD* look like.
     

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