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Hard/Soft Inquiries

Discussion in 'Credit Talk' started by OtherTerri, Jul 7, 2001.

  1. Jul 7, 2001 #1
    OtherTerri

    OtherTerri Well-Known Member

    Could someone please explain to me what the difference is between a hard and a soft inquiry?

    Also, who is allowed to view your credit report?

    Thanks,

    Terri
     
  3. Jul 7, 2001 #2
    GEORGE

    GEORGE Well-Known Member

    ANYBODY CAN SEE YOUR CREDIT REPORT WITH A "PERMISSIBLE PURPOSE"...THIS IS "PAINTING WITH A VERY BROAD BRUSH"...

    Now insurance companies can "SEE HOW YOU DRIVE" by your credit report.



    A "HARD" inquiry is held against you...
    A "SOFT" is not held against you...(PRM,AR)


    THE FOLLOWING INQUIRIES ARE NOT REPORTED TO BUSINESSES:
    PRM - This is a promotional inquiry in which only your name and address were given to a credit grantor so you could be solicited
    you with an offer such as a credit card. (PRM inquiries remain on file for 12 months.)
    AM or AR - These inquiries indicate a periodic review of your credit history by one of your creditors (AM and AR inquiries remain
    on file for 12 months.)
    EQUIFAX, ACIS or UPDATE - These inquiries indicate Equifax's activity in response to your contact with us for either a copy of
    your credit file or a request for research.
    PRM, AM, AR, INQ, EQUIFAX, ACIS and UPDATE inquiries do not show on credit files that businesses receive, only on copies
    provided to you.
     
  4. Jul 7, 2001 #3
    mj

    mj Well-Known Member

    Hard Inquiries are shown in the section of your credit report labeled "inquiries seen by others" -- these are also used in credit scoring algorithms (they lower your score). You only get a hard inquiry if you authorize someone to look at your credit.

    If you're applying for a mortgage, they will "match-up" any recent (6 months) inquiries with accounts opened to ensure that you haven't taken on any new debt that isn't reported.

    If you're asking for a credit line increase, the bank/store may pull a credit bureau report (hard inquiry) and they don't have to ask you (you already told them they could do it any old time they wanted when you applied).

    Soft inquiries are also listed - they are not used in credit scoring and only you and the credit bureau see them. These are the inquiries you initiate about yourself (credit expert, score power, etc.), "pre-approved" offers, existing accounts "checking up on your score", and the like.

    Hope that helps-
    mj
     

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