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Hard Pull

I had applied for a mortgage and the lender did a "Hard Pull". Why would they use that when a mortgage is based on your credit score?? I received an alert from my credit watch for this. Anyone know why they would use this as opposed to a "soft pull"??
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November 19 2013 - US
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Answers (7)

A "hard pull" is conducted by a lending institution where many times up to 3 credit bureaus are reviewed side by side.

A lender does this check to detect discrepancies amongst the various bureaus, essentially checking for inaccuracies that one may have by itself.

A "soft pull," where a lender will observe just one bureau, can be used as a starting point but will be seldom acceptable in underwriting.

Remember, the terms "soft pull" and "hard pull" are terms used in the lending industry to describe how many bureaus are being accessed, not the influence the pull has on your report.
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November 21 2013
When you apply for a mortgage, credit card, auto loan, personal loan, etc, they will always do a hard pull. This is standard for these types of loan applications so do not be worried about your lender doing something wrong. Well I hope this helps and good luck! If you have any further questions or would like a loan, feel free to contact me!
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November 21 2013
I believe we still have a clarification issue. Hard Pull vs Soft Pull
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November 20 2013
To clear it up a bit more, when I initially talk with someone, I do a "soft pull" and only look at one bureau. If they are interested in what I have to offer or if there is a real benefit to them, I will then do a "hard inquiry". This is looking at all three bureaus. Lenders use the middle of your three scores. Hopefully they told you before doing a hard inquiry?
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November 20 2013
The good news is, now that your credit has been pulled for a mortgage, you have the opportunity to shop around to make sure you get the best deal. The first pull affects the score by a few points, and then you have 45 days to have other banks pull it without lowering your score any further.

That will give you multiple options to ensure you get the best possible loan. 

Good luck on your application! 
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November 20 2013
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That's what I thought, just wanted to check. Thank You
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November 20 2013
Because they have to pull an actual three-file-merged credit report, or it's equal. A soft pull is useless to an issuer of new credit.
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November 19 2013
 
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