Some banks and brokerages do a hard credit pull when a new customers opens an account while others do no. The Schwab brokerage is long known to do a hard Equifax pull for new account openings. Strangely, many people are reporting seeing today that Schwab has now removed the hard pull, and it reflects on their credit reports that this hard pull has been removed.
Typically, hard pulls drop off the credit report after two years at which point they are no longer visible to lenders. This Schwab ‘claw back’ appears to be a manual removal that Schwab is doing. Even hard pulls from accounts opened many months ago have been removed.
This could help your credit score a bit as too many hard pulls has a negative affect. It’s not clear to me why Schwab would pull back the hard pulls given that banks have the right to do so.
Presumably this means they won’t do these pulls going forward, but we’ll hold off judgement until we have solid data points confirming that. Update: Multiple reports in the comments indicate they no longer do a hard pull.