Sounds like a dumb question, I know, but please stay with me. I'm researching the "permissible purpose" question, and so far do not fully understand "hard," "soft" or other inquiries. What I'm finding in my research consists of statements such as these, all quotes: Section 604(a)(3)(F) allows a consumer reporting agency to provide a consumer report to anyone who "has a legitimate business need for the information... ...may request a consumer credit report ... ...requesting consumer reports ... ...not permitted to obtain consumer credit reports ... Any person who procures a consumer report ... I have not seen in the FCRA (so far) any mention of "hard" or "soft" or any other type of inquiry. Can someone please explain: 1. What is a "hard" inquiry, and how does it show on a CR? 2. What is a "soft" inquiry, and how does it show on a CR? 3. What are other types of inquiries and how do they show on a CR? and most importantly, 4. Does the "permissible purpose" rule apply only to "hard" or "soft" or does it apply to ANY inquiry? Please lead me to the law! Many, many thanks!
A hard inquiry is one that other creditors can see if they pull your report. TU and EX - they separate those out into a section that says something like "Inquiries seen by others" EQ - They have the name of the company that pulled your report with know alphabetic type initials in front of the name. Softs are those not seen, and there are different types. The ones most often seen are for AR (Account Review), and PRM (promotional). There are a few others. Those are the initials you will see in front of them on EQ. TU divides them out, and EX - anybody's guess. AR- they get your entire report, and are generally pulled by creditors that you have a relationship with. PRM - they only receive header and other limited information, and do not see your entire report. PP applies generally to both, if they see your entire report. PRM's do not fall under PP. The law is in Sec. 604 of the FCRA http://www.ftc.gov/os/statutes/fcra.htm I would also suggest reading the opinion letters on this section:http://www.ftc.gov/os/statutes/fcra/ The Sec. 604 letters are near the bottom of the web page. Many, many thanks! [/B][/QUOTE]
Thanks, jlynn. I appreciate your taking the time to answer my questions. I still have a concern about the "promotional" inquiries... I was rear-ended by "Joe" who is insured by "XYZ Insurance." XYZ Insurance is showing under promotional inquiries on my TU report THREE TIMES in the six months immediately following the accident! I have never been insured by XYZ, and I did NOT receive any "offers" during that time from XYZ. I think I know why they did an inquiry - to find out something about our financial condition in case of a lawsuit - but I'm not exactly sure what they received. And I do not see in the FCRA any mention of a "promotional inquiry" versus a "hard" or "soft." I hope you understand my concern here. I would really love to get back at XYZ for making ANY inquiry on my credit report. So, can I go after them???
"Thank you for the 3 inquires on my credit report...now it is time to pay me for those inquires you had NO PERMISSIBLE PURPOSE FOR...I will give you a discount if I receive a CASHIERS CHECK in the amount of $500 in the next 10 days or I will see you in SMALL CLAIMS COURT for $1,000 minimum."
Re: Re: What constitutes a "credit report?" Here's part of the FCRA that covers PRM inquiries(non consumer initiated): 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. In a nutshell, if it is under the promotional inquiry section, no, you have nothing to go after them for. About the only thing you can do is opt out from allowing promotional inquiries. There should be a phone number specifically for that on your cr. I don't have it handy.
Re: Re: What constitutes a "credit report?" Well, my hubby and I really prefer George's answer! But jlynn says there's nothing to pursue if these were promotional inquiries. George, have you done this - gotten a company to pay for promotional inquiries? Is this the jist of the letter you used? Please tell me more! My hubby says we should just file suit on our own, but I don't want to do that unless I'm sure of winning, so that THEY will have to pay the attorney's fees and court costs ;-) Sorry to be beating a dead (almost?) horse here, but I am getting conflicting opinions. Thanks!
Re: Re: Re: What constitutes a "credit report?" Money from CRA'S~~NO except like a check for $8.00 here and there... I guess I missed seeing it was PRM'S???
