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Inquiries question

Discussion in 'Credit Talk' started by timmyq, Sep 29, 2002.

  1. Sep 29, 2002 #1
    timmyq

    timmyq Well-Known Member

    Does anyone know if every inquiry on credit reports is a negative? For example, my Equifax report has literally about 50 inquiries, however many of them are promotional or from my existing creditors. Do these effect my score and is there anyway to get rid of these if they do?
     
  3. Sep 29, 2002 #2
    GEORGE

    GEORGE Well-Known Member

    PRM'S and AR'S do not HURT your score...they are called "SOFT" inquires...

    Only when you APPLY for a credit card or loan does it HURT...(usually 1-7 F.I.C.O. points are lost per "HARD" inquiry)
     
  4. Sep 29, 2002 #3
    lyttlemac

    lyttlemac Well-Known Member

    Do hard inquiries from collection agencies cause a bigger FICO hit than hard inquiries in general?


    If a collection agency is snooping around your credit report because they are collecting on a debt that you (allegedly) owe, why aren't they only allowed to do inquiries coded as AR's. I can't see how they could make a case that you gave them permission to do a credit check, or that you applied for credit with them, or a job.
     
  5. Sep 29, 2002 #4
    GEORGE

    GEORGE Well-Known Member

    Did you apply for credit with the CA???

    They say they have a "PERMISSABLE PURPOSE" for a "HARD"...but I can't see how they can!!!

    A CA "HARD" would be the same as a "HARD" for a CITIBANK (or CHASE or SEARS or any other credit card)...
     
  6. Sep 30, 2002 #5
    Sue59

    Sue59 Well-Known Member

    Does anyone know what a hard inquiry shows that a soft inquiry doesn't? Also what is on a promotional inquiry. I am so paranoid about what information is be giving out. I talked with a friend who is a banker this weekend and he told me that with a name only he can pay $5.00 and get SS#' addresses, family members and all other personal information. This is so frightening.
     
  7. Sep 30, 2002 #6
    herauntsis

    herauntsis Well-Known Member

    Here's what the law says they can have on a "soft" inquiry (what they get in reality is a whole other question):

    § 604. Permissible purposes of consumer reports [15 U.S.C. § 1681b]

    (2) Limits on information received under paragraph (1)(B). A person may receive pursuant to paragraph (1)(B) only

    (A) the name and address of a consumer;

    (B) an identifier that is not unique to the consumer and that is used by the person solely for the purpose of verifying the identity of the consumer; and

    (C) other information pertaining to a consumer that does not identify the relationship or experience of the consumer with respect to a particular creditor or other entity.
     

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