Discover Identity - Does Anyone Use It for Credit Monitoring?

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ERISA Stone
Posts: 1382
Joined: Tue Jun 24, 2014 8:54 am

Discover Identity - Does Anyone Use It for Credit Monitoring?

Post by ERISA Stone » Thu Aug 31, 2017 9:56 am

I received an offer from Discover that they can provide alerts if my SSN shows up on any risky websites. In addition, they'll notify me if any new accounts show up on my Experian credit reports. I don't see a downside in the terms other than this:
You authorize Discover to obtain your credit report and score from one or more credit bureaus. Unless you cancel this authorization, we'll pull fresh credit report information for you daily.
Wouldn't this have an impact on my credit score?

mhalley
Posts: 5201
Joined: Tue Nov 20, 2007 6:02 am

Re: Discover Identity - Does Anyone Use It for Credit Monitoring?

Post by mhalley » Thu Aug 31, 2017 11:53 am

I believe this is called a "soft pull" which has no affect on fico score.
. There are two kinds of inquiries that can occur on your credit report: hard inquiries and soft inquiries. While both types of credit inquiries enable a third party, such as you or a lender, to view your credit report, only hard inquiries can negatively affect your credit score.
. Hard inquiries generally occur when a financial institution, such as a lender or credit card issuer, checks your credit report when making a lending decision.
. Soft inquiries typically occur when a person or company checks your credit report as part of a background check. Examples include employer background checks, getting pre-approved for credit card offers and checking your own credit score.

https://www.creditkarma.com/article/har ... _inquiries

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