FYI: Credit Report & Westwood Online

I got a credit report today and noticed that Westwood College Online had made a query to my report after I submitted an application. Their query showed up on Equifax. They never mentioned this during their pushy sales "interview". Just like to let you guys know.

It seems spooky they were perusing my report while chatting with me.

By the way, I decided to take night courses at a local college instead of Westwood. I'm super happy that I didn't fool around with them. I don't trust them and I think they're a rip-off and outrageously over-priced. Also, if you're interested: https://www.annualcreditreport.com. I submitted and it was free. They didn't ask for a credit card (shocking). By law, the big 3 have to provide you one once per year.

 

I work in the credit reporting biz, so I'll comment on this. Since you submitted an application, you created a business relationship with the school - at that point, they have a permissible purpose to pull your credit report under the Fair Credit Reporting Act. Seems underhanded, but if you mentioned that you were interested in financial aid, they probably pulled it to help see what you might qualify for. I agree that they should disclose the inquiry before they make it, but unfortunately, they don't have to.

 

Was it a credit inquiry or a full credit check?

I thought a company had to acquire full consent before pulling someone's credit.

Christie

 

Re: Was it a credit inquiry or a full credit check?

I reviewed my credit report a few weeks ago and noted that Capital One reviewed my file twice a month (and sending me several credit card applications per week).

One strategy is to request a free report every 4 months from one credit agency. This way you can have a regular review of who is looking at your records.

 

Re: Was it a credit inquiry or a full credit check?

They do, 110%. If Westwood in fact pulled his credit w/o written approval (NOT A COLLEGE ADMISSION APPLICATION) they were wrong. That is not considered a "permissible purpose" according to the FCRA.
If on the other hand GUY did fill out an FA application, bank or inhouse loan app, they did have a PP to pull it.
Look at the fine print on the back (of small print) of your admission application, your answer is probably there..

That is what is called a "soft pull". Since you have not "opted out" from the credit reporting agencies TU-EF-EX they can look at your reports to offer you credit. A soft pull does NOT effect your FICO score whatsoever. It is the same as you pulling your own CR.

On the other hand a "hard pull" is what happens when one applies for credit. That DOES hurt your FICO a bit. But you know that already..

 

And why would they pull credit for financial aid that has not been applied for?

Isn't that what the FAFSA's for?

 

The FAFSA is just to see what type of financial aid an individual qualifies for. After the school received the ISIR, it should be presented to the student and a plan of action set to determine how the student will finance their education.

Sallie Mae has just raised their credit score limits. However that credit report would be pulled bySallie Mae. If Westwood pulled the report, no doubt somewhere in the application is says they can. They probably have in house financing with specific credit guidelines.