In October, 2003 my husband and I opened a small CD for a bank that was offering a promotion, open a new 13 month CD with a deposit of $300-1,000 and you will earn a rate of 10% APR.
Being the FWs we are this was tempting so we marched in with our checkbook.
I just got a copy of my free CR from Trans Union. I ordered one a few months back and ordered it again just to confirm that some minor stuff was corrected ( BTW-it was not).
In any case I was rather stunned to find that under the permanant inquiry section, the name of this bank is listed. I realize that more and more banks/lenders/insurance companies are using credit reports and scores but I really fail to see why opening a $1,000 certificate of deposit would warrant a copy of my full credit report. I have to give the bank my SSN so that they can report the interest on a 1099-INT at year end, but what does making a CD deposit have to do with needing my full credit info. At no time did our personal banker disclose they would use my SSN to access my report.
Anyone else have any experience with this? I am aware that they now probably used this so that they could target potential customers with lender offerings such as HEL/HELOCs. So why not offer a CD promotion, lure people in with a good rate, get access to the credit report and then use this to send me offerings since they know my credit is good. But what really gets to me is that they did not disclose their intent. And secondly this request for my credit shows up on my permanant for the next 2 years (since Oct. 2003). Any request under this section has an effect of lowering my score.
I have always been guarded with my SSN as should be. I dont feel that they adaquately informed me they intended to pull my credit. Would this concern anyone else, or is it just me? I do plan to contact the bank to discuss my unhappiness with this. I would care less if it were under the inquiry section and not the permanant section.
<< In October, 2003 my husband and I opened a small CD for a bank that was offering a promotion, open a new 13 month CD with a deposit of $300-1,000 and you will earn a rate of 10% APR.
Being the FWs we are this was tempting so we marched in with our checkbook.
I just got a copy of my free CR from Trans Union. I ordered one a few months back and ordered it again just to confirm that some minor stuff was corrected ( BTW-it was not).
In any case I was rather stunned to find that under the permanant inquiry section, the name of this bank is listed. I realize that more and more banks/lenders/insurance companies are using credit reports and scores but I really fail to see why opening a $1,000 certificate of deposit would warrant a copy of my full credit report. I have to give the bank my SSN so that they can report the interest on a 1099-INT at year end, but what does making a CD deposit have to do with needing my full credit info. At no time did our personal banker disclose they would use my SSN to access my report.
Anyone else have any experience with this? I am aware that they now probably used this so that they could target potential customers with lender offerings such as HEL/HELOCs. So why not offer a CD promotion, lure people in with a good rate, get access to the credit report and then use this to send me offerings since they know my credit is good. But what really gets to me is that they did not disclose their intent. And secondly this request for my credit shows up on my permanant for the next 2 years (since Oct. 2003). Any request under this section has an effect of lowering my score.
I have always been guarded with my SSN as should be. I dont feel that they adaquately informed me they intended to pull my credit. Would this concern anyone else, or is it just me? I do plan to contact the bank to discuss my unhappiness with this. I would care less if it were under the inquiry section and not the permanant section.
Wonder if anyone is concerned about this?
Sue >>
They give you a 10% apr there? You are lucky, you can barely get 3.5% in sunny Miami, Fl..... They are right by the way, thanks to our friends the Terrorists. They now need to make sure that you are who you are. There is one thing. We are talking about $1000. For what I understand the Patriot Act has to do with much larger amounts. I mean seriously, how many terrorists can you finance with $1000? LOL
<< In October, 2003 my husband and I opened a small CD for a bank that was offering a promotion, open a new 13 month CD with a deposit of $300-1,000 and you will earn a rate of 10% APR.
Being the FWs we are this was tempting so we marched in with our checkbook.
I just got a copy of my free CR from Trans Union. I ordered one a few months back and ordered it again just to confirm that some minor stuff was corrected ( BTW-it was not).
In any case I was rather stunned to find that under the permanant inquiry section, the name of this bank is listed. I realize that more and more banks/lenders/insurance companies are using credit reports and scores but I really fail to see why opening a $1,000 certificate of deposit would warrant a copy of my full credit report. I have to give the bank my SSN so that they can report the interest on a 1099-INT at year end, but what does making a CD deposit have to do with needing my full credit info. At no time did our personal banker disclose they would use my SSN to access my report.
Anyone else have any experience with this? I am aware that they now probably used this so that they could target potential customers with lender offerings such as HEL/HELOCs. So why not offer a CD promotion, lure people in with a good rate, get access to the credit report and then use this to send me offerings since they know my credit is good. But what really gets to me is that they did not disclose their intent. And secondly this request for my credit shows up on my permanant for the next 2 years (since Oct. 2003). Any request under this section has an effect of lowering my score.
I have always been guarded with my SSN as should be. I dont feel that they adaquately informed me they intended to pull my credit. Would this concern anyone else, or is it just me? I do plan to contact the bank to discuss my unhappiness with this. I would care less if it were under the inquiry section and not the permanant section.
Wonder if anyone is concerned about this?
Sue >>
They give you a 10% apr there? You are lucky, you can barely get 3.5% in sunny Miami, Fl..... They are right by the way, thanks to our friends the Terrorists. They now need to make sure that you are who you are. There is one thing. We are talking about $1000. For what I understand the Patriot Act has to do with much larger amounts. I mean seriously, how many terrorists can you finance with $1000? LOL >>
$1000 to fantasma $1000 to fanfasma $1000 to fantesma $1000 to fantagma $1000 to fastasma $1000 to fantanma $1000 to fantasma $1000 to fantawma $1000 to fanbasma $1000 to fantaqma
see my point?
that being said, the patriot act is crap, simple as that!
<< In October, 2003 my husband and I opened a small CD for a bank that was offering a promotion, open a new 13 month CD with a deposit of $300-1,000 and you will earn a rate of 10% APR.
Being the FWs we are this was tempting so we marched in with our checkbook.
I just got a copy of my free CR from Trans Union. I ordered one a few months back and ordered it again just to confirm that some minor stuff was corrected ( BTW-it was not).
In any case I was rather stunned to find that under the permanant inquiry section, the name of this bank is listed. I realize that more and more banks/lenders/insurance companies are using credit reports and scores but I really fail to see why opening a $1,000 certificate of deposit would warrant a copy of my full credit report. I have to give the bank my SSN so that they can report the interest on a 1099-INT at year end, but what does making a CD deposit have to do with needing my full credit info. At no time did our personal banker disclose they would use my SSN to access my report.
Anyone else have any experience with this? I am aware that they now probably used this so that they could target potential customers with lender offerings such as HEL/HELOCs. So why not offer a CD promotion, lure people in with a good rate, get access to the credit report and then use this to send me offerings since they know my credit is good. But what really gets to me is that they did not disclose their intent. And secondly this request for my credit shows up on my permanant for the next 2 years (since Oct. 2003). Any request under this section has an effect of lowering my score.
I have always been guarded with my SSN as should be. I dont feel that they adaquately informed me they intended to pull my credit. Would this concern anyone else, or is it just me? I do plan to contact the bank to discuss my unhappiness with this. I would care less if it were under the inquiry section and not the permanant section.
Wonder if anyone is concerned about this?
Sue >>
They give you a 10% apr there? You are lucky, you can barely get 3.5% in sunny Miami, Fl..... They are right by the way, thanks to our friends the Terrorists. They now need to make sure that you are who you are. There is one thing. We are talking about $1000. For what I understand the Patriot Act has to do with much larger amounts. I mean seriously, how many terrorists can you finance with $1000? LOL >>
$1000 to fantasma $1000 to fanfasma $1000 to fantesma $1000 to fantagma $1000 to fastasma $1000 to fantanma $1000 to fantasma $1000 to fantawma $1000 to fanbasma $1000 to fantaqma
see my point?
that being said, the patriot act is crap, simple as that! >>
I am concerned that you get a hard inquiry on your credit report when you open a bank account. If 2 or more hard inquiries affect your credit score, it makes no sense to me that opening an account in which you deposit money should be held against you. I see nothing on the credit report that shows the nature of the account. Last year I phoned Fair Isaac up (the creators of the FICO score) and asked for an explanation, but I got no satisfaction or reasonable explanation on this. I hope that other people can shed some light on the consequence of this stupidity. If not every FW should contact Fair Isaac and complain until this unfair practice is changed.
The patriot act has nothing to do with it - credit records aren't used to establish ID, it's the other way around. Positive ID would be a picture ID like a driver's license, or passport...
Credit report pulls are permitted only if you agree with it, and I wouldn't agree to it unless they are offering me credit.
In your case, neither occurred.
Without "permissible purpose", it's a $1000 violation of the FCRA; just ask them to take it off (actually, they can't take it off but you can dispute it with the CRA and then the bank can just ignore it so that it falls off after 30 days or sooner) and they probably will. If they refuse, then you can bring up the $1000 violation. Check out creditnet.com for more info if you need it.
<< In any case I was rather stunned to find that under the permanant inquiry section, the name of this bank is listed. I realize that more and more banks/lenders/insurance companies are using credit reports and scores but I really fail to see why opening a $1,000 certificate of deposit would warrant a copy of my full credit report. >>
Please stop quoting the entire message guys. It makes it really difficult to read the thread.
If the bank did not disclose this to you, then it is illegal. If it was buried in the fine print in the disclosures they gave to you, then they have a pretty good case to do it.
But I've never heard of it for opening a CD.
I didn't notice in your post though if you later asked the bank about your concerns?
lol you probably singed an agreement when you started your banking relationship that gave them blanket access to pull your report when necessary and do account reviews.
some times idiots don't know how to code an AR softie versus a hard-on
might have to just talk to them and have them resubmit a correction to make it an AR, which they can do.
We walked in, opened the account, signed an application to open a CD and were told that signature cards would be sent in the mail and to sign and return them in person or mail.
When the cards were returned, we were mailed a certificate with a disclose and only in that does it say that they may use financial info about us and sell to 3rd parties. I feel that what they intended to do with my SSN was not fully disclosed and at the time the a/c was established. Had I know that they would take great liberties with my SSN I would have never revealed it.
The reason the rate was so good is because it is a bank that opened a new branch in our community. You had to live within certain zip codes in order to 'qualify for the rate". I know that going in, figured that their hope is that this teaser rate will attract some new potential business.
the Bank is Marquette Bank in the Chicago area. This was a promotional rate, you HAD to open the a/c the w/e of Ocotber 18th in the Aurora, IL office. You HAVE live in one of the qualifying neighborhoods in the Aurora, IL vicinity and the promotion is now over. It was thier grand opening and the minimum you could invest was $300 and the most was $1,000. SO as you can see this would pertain to no one unless you were local and wanted to bother with investing a small CD for a length of 13 months.
What I was questioning at this point was what possible reason could this bank have to justify a full disclosure of my 20+ year credit history. Thankfully it is excellent, but also since it is excellent I will be bombarded with mailings and so forth. And to how many other parties did they disclose my SSN and my credit report. I dont consider this a light matter. Had I know this was the intent I would have passed. The $100 in interest earning would not be worth it in the long run.
Just wondering if this is the norm and/or is this a trend of things to come??? Anyone have any insight on this or was my experience just a fluke?
I just pulled my CR late last night. I have yet to contact the bank to inquire as to their explanation.
All I can say friends is I think we need to be more guarded than ever, and my experience is proof of that.
<< Had I know that they would take great liberties with my SSN I would have never revealed it...
All I can say friends is I think we need to be more guarded than ever, and my experience is proof of that.
Sue >>
Can you articulate your concerns? What exactly are you worried about, and what "great liberties" were taken with your SSN?
You established a financial relationship with this bank and they checked you out. Doesn't matter whether you were a borrower or a lender - somewhere in the paperwork there was likely a disclosure that permits them to do this (by all means, ask them to show you though). So what is the big deal?
There are really only two good reasons to pay so much attention to your credit report - identity theft and erroneous information. The former is serious business and you want to know about it as soon as possible. The second is a real pain to correct, so you want to catch errors quickly too. Otherwise, this obsession with the credit report and scoring process really bewilders me.
Care to elaborate on what the problem is with a financial institution checking your credit?
What does opening up a timed deposit such as a CD have to do with private and privledged financial information such as my credit report.
I am not establishing an kind of a lending relationship with them. I am the customer and they are the financial institution. We have an agreement that if I leave $1,000 with then for a period of 13 months, they will pay me a return of 10% for that priveledge.
So they way I see it, we have a contract when I 'agree' to lend them money for a period of time and their part of the agreement is to pay me a rate of return.
I am not a borrower. They are not lending me any money. I did not ask to borrow a penny. They contacted TransUnion without my knowledge and received a full disclosure of my credit history and my creidt score.
Basically they did what they would have had I come in and requested a loan. They got as much info as a lender would have gotten. The requested a HARD copy of my credit report. It is on there clear as day. The big distinction is that I have no interst in a lending relationship. And on top of it, to get access to my full credit report, they must receive my consent. To the best of my knowledge I did not give my consent to them. If they claim I did I want to see how I consented to this.
If they used the fact that I disclosed my SSN to them so that they can report my interest and then used the number to access my credit report (without my knowledge or consent) it would seem to me that some law was broken.
I hopefully plan to contact the branch tomorrow and inquire about this. I want a full explanation of this. Apparently this bank has NO privacy act in place.
I guarantee you that it was in the disclosure you signed.
You might not like it, but when you do business with a bank (any kind of business) they have full right to check your credit.
In most cases for savings accounts and CDs they do not bother. It's usually only with credit and checking accounts they bother.
"Apparently this bank has NO privacy act in place."
That is exactly what the Bank Secrecy Act and Patriot Act does... eliminate privacy in banking.
It was mostly likely due to the Patriot Act that your identity was checked via a credit report. Whoever said that your credit report isnt used to establish ID is 100% wrong. Try moving and then getting credit at your new address without updating your credit report or waiting for your creditors to update it themselves (slow process). They'll ask for your life story before they will open an account.
Granted, a couple FICO points might have been taken away, but that process heals itself and the bank will still have your 'private and privledged financial information' even if the inquiry gets removed.
I think you are freaking out about this a bit too much. You sound like one of those people that scoffs at every question when applying for credit. Get over it... in the financial world nothing is private.
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