i noticed a lot of shopping website give an option of bill me later for payment. It only requires last 4 digit of your ssn. Do they run a credit check?
I am pretty sure they do for the first time you sign up for it, so the INQ would show up, but I don't think they report an account to the bureaus.. I am sure someone who has experienced it will chime in soon!
They certainly have the option, regardless of whether you provide last 4 digits, as a business transaction inititated by a consumer that gives rise to some legitimate business purpose on their part to review your credit is a permissible purpose under FCRA 604. Allowing delayed billing is certainly a legitimate reason to review your future ability to pay.
An SSN is not required to pull a consumer CR, provided they have sufficient identifying information to match their inquiry to a specific consumer file.
Full name and current address is usually sufficient.
Will they? A lot depends upon how regularly they make inquiries, as there is a fee and admin time on their part. If they do it regularly for other purposes, it's easy to slip those additional types in.
Thanks.. I won't waste an INQ hit for something I might not get approve for. Saving up for a secured credit card. Thank you!
Yes, the will do a hard inq, Webbank is the name of the company that runs Bill Me Later..
Bill Me Later also does not report to the CRAs unless you go negative.. it is not worth the hard pull from a credit scoring perspective, but they do work at 1000 retailers and offer generous limits, not OUTRAGOUS interest, and lots of 6 month same as cash type programs..
I use it, and enjoy it, esp with the same as cash. And I have a limit of 4951 dollars. Yes.. 4-9-5-1. lol
Thanks Scott. I think I will try for a secured credit. I need a positive on my credit reporting.
100 percent agree with this.. Bill Me Later will not help your credit at all
Not a bad account to have but like said before, will not benefit as a positive TL or factor in for util.