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Question By
jlbaldo

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Is there a limit to how often a company can do a hard inquiry?
I had a debt collector pull my credit in 02/2013 and that same company pulled it again in 07/2013 which dropped my credit score again. Are they legally allowed to pull it whenever they feel like it?

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NO LIMIT

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A debt collector can pull your report every month, which they will do to intice you to pay them and get them off your back. Pulling a report doesn't lower your score as much as you may think if it is the same company. Even GOOD, approved, companies pull now and again to see if you deserve an increase in your credit limits.

Many people get the 'Hard Pull' and the 'Soft Pull' mixed up. Apply for a car loan, they ask, say; twenty lenders for a loan. That is a single hard pull, same for a house, or many large purchases. Although you see, say 20 hard pulls on your credit report, the loan company only sees one.

Now if you apply for many different credit cards, within 2 years, they will show up as hard pulls.

Collection agencies work under different rules. You owe them money, they can hard pull your credit report every month. You can legally ask them to "Not Call", and they have to stop, but they can call up your credit report whenever they want. You owe them money...

Collection agencies buy and sell debts all the time, make sure the debt they report is only ONCE on your report. Before I checked yearly, my first report had the same debt listed three times, the original creditor and two collection agencies. That is wrong, I can not owe all three, so I contacted them and all three removed the black marks and I settled, ($45 bill I paid $8). It was an internet site that I turned off, but still charged me, I just settled.

Reply by
jlbaldo

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Thank you for all the info - I really appreciate it. 

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Legal, but you're not helpless

Helpful to 2 out of 2 people

Collecting a debt is one of the reasons a hard pull can be legally done. Have you sent them a DV (debt validation) letter? Doing so can stall the collector a bit, and in some cases do even more. You may have to send one within 30 days of recieveing your first letter from the collection agency, however.

This blog entry contains a bunch of really usefull tips for people in your situation:

http://blog.creditkarma.com/debt/i-have-an-account-in-collections-what-should-i-do/

Reply by
jlbaldo

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Thank you for the blog info.

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i had someone to steal my indentity. some of these accounts i don't know about. beside call the creditor myself and telling them. how can i get that solved. 

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