Un-recognized credit inquiries

[LizOB]

I finally got around to looking at my credit report and while there were no accounts I was unaware of or incorrect personal information, there were several credit inquiries that I don't recognize at all. Granted, we bought a house in March of this year but these were all after from after the mortgage was all said and done.

What are my next steps from here?

[Donnie]

There are two types of credit inquiries, hard and soft.  A hard pull happens when a lender is making a lending decision as part of a credit application process.  Hard pulls can impact your credit score, but consent is required.  A soft pull doesn't impact your credit and companies can do it without your consent.  Credit card companies do it for a pre-approvals for credit cards for example.  Soft pulls may say things like "won't affect your credit rating."

[LizOB]

I'm not *so* worried about my credit right this minute, I just wanted to make sure my identity is not being stolen. Under "inquiries shared only with you" (does this mean "soft"?) are PNC bank, AmEx, and SoFi. I have never had accounts or even applications for accounts with any of those. Is there a way to know if those are pre-approvals vs something more nefarious?

[VagabondMD]

Earlier this year, I was the victim of someone fraudulently taking out a loan in my name. I posted about it earlier. It was a hassle to extricate myself from this debt.

My recommendation to you, and to everyone, is to have your credit locked at the three major agencies. That way, no one can make a hard pull on your account or establish credit in your name.

What that means is if you are applying for credit, you will have to manually call or go online and reopen your credit history at all three agencies. For most people who do not need to go through the credit process but occasionally, it is not a big deal.

If you are credit card mileage hacking, flipping real estate, etc., this might be more burdensome.

[Donnie]

LizOB wrote:

I’m not *so* worried about my credit right this minute, I just wanted to make sure my identity is not being stolen. Under “inquiries shared only with you” (does this mean “soft”?) are PNC bank, AmEx, and SoFi. I have never had accounts or even applications for accounts with any of those. Is there a way to know if those are pre-approvals vs something more nefarious?

Click to expand...

I wouldn't worry about those.  You probably got a mailer from those companies.  If your credit is pulled for a credit decision, it won't say "inquiries only shared with you."

[hightower]

I agree with Vagabond MD.  I too have been a victim of identity theft a few years back.  Someone used SSN and name to open a Verizon wireless account in.   They used the phone for a short period of time, never paid the bill and then Verizon cancelled it.  At that point Verizon kept racking up late fees in my name and eventually sent my name to a debt collector saying I owed them $1600.  I became aware of it when I started getting phone calls from the debt collector.  It took probably a year or more of headache to get my name cleared (even had to file a police report and call Verizon probably 100 times waiting on hold each time).  Now there is a fraud alert on my credit files with the 3 credit agencies.  Basically it means they have to do more extensive identity verification any time someone wants to look at my credit report or open new credit.

I still check my credit report regularly though.  I found a fraudulent address on my report just this year.  It was the same address used to steal my identity and it was still on there.  I had to file a dispute to get it removed.

There's an excellent John Oliver episode about this topic.  Apparently it is very common for many types of mistakes to show up on one's credit report and on one's background reports.  Some of them can be very damaging (like a lady who had a title of "terrorist" applied to her background check somehow!). And it's often very hard to get them removed.

So, yeah, check ur report and check it as often as possible and pay attention to everything in it.  There may be mistakes or clues that someone is up to no good.

[CM]

Vagabond MD wrote:

Earlier this year, I was the victim of someone fraudulently taking out a loan in my name. I posted about it earlier. It was a hassle to extricate myself from this debt.

My recommendation to you, and to everyone, is to have your credit locked at the three major agencies. That way, no one can make a hard pull on your account or establish credit in your name.

What that means is if you are applying for credit, you will have to manually call or go online and reopen your credit history at all three agencies. For most people who do not need to go through the credit process but occasionally, it is not a big deal.

If you are credit card mileage hacking, flipping real estate, etc., this might be more burdensome.

Click to expand...

I second this notion. I've employed a credit freeze for years now.

[LizOB]

Thanks, good to know.
I will also start working on credit freezes, sounds like a smart idea.

[notadoc]

Clark Howard has a good guide to credit freezes.  Links/phone numbers to all three agencies.

http://clark.com/personal-finance-credit/credit-freeze-and-thaw-guide/