What do lenders see on HP that they don't see on SP

[melikey]

Is it a cost thing for them, or do they need a HP for scoring reasons?

 

Just curious?

[Elaine54]

Hopefully someone knows the answer to this because I'm very curious too.

 

Also, what is meant by a manual review - is that the same as a HP?

[melikey]

Hopefully someone knows the answer to this because I'm very curious too.

 

Also, what is meant by a manual review - is that the same as a HP?

I am waiting also... However I can answer your question.

 

A manual review mean a human (usually an Underwriter) further reviews your credit application and approves or denies as opposed to an instant online approval or denial.

 

HP is a "hard pull" or "hard inquiry" of your credit report as opposed to a "soft inquiry" which does not affect your score, a hard inquiry does.

[EnC_Plus3]

I think the difference is a hard inq provides account details like we see on our consumer credit reports. Soft inq probably have a condensed version...

 

So where a hard inq will have the creditor, date opened, credit limit, credit usage, history of payments...etc I'd guess that the soft inq would have your accounts with info like balance, credit limit, ever late, minimum payment.

 

That's just a guess though

[Menta33]

I'd guess that they are the same information but that to get a score you need a hard pull unless you create your own scores. But it would be nice to hear from someone in the know.

[Elaine54]

I'm pretty sure they can get a score from a soft pull. I know if you apply at Lending Club or Prosper they give you a score and it's only a soft pull.

Maybe they can see more information about past history from a hard pull.

Hopefully someone will give us a more definitive answer.

[hrguy]

I'd guess that they are the same information but that to get a score you need a hard pull unless you create your own scores. But it would be nice to hear from someone in the know.

I wonder how PSECU gives us monthly scores then - since that is a soft.

[boomhower1820]

Probably more info like dates you've had each CL and other more detailed info. SP probably is just basic info like date opened, balance, CL, and any derog info. Which that is enough to get a score from but not as detailed as some would want to lend off of.

[MarvBear]

This may shed a little light on some of your question. I posted it back in 2006.

 

http://creditboards.com/forums/index.php?showtopic=211120&hl=Readi

[melikey]

Thanks Marv. It's great to see the inner-workings of the AR process!

[MarvBear]

Thanks Marv. It's great to see the inner-workings of the AR process!

Which is also a soft pull. I only have Equifax version. I would have to think the other Bureaus are very similar