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Why do CC companies....

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tjones9234
Contributor

Why do CC companies....

Ask for Employer name and time at job? I know with auto loans the verify, I have never heard of a cc calling to verify a new app or CLI
Message 1 of 9
8 REPLIES 8
wacdenney
Valued Contributor

Re: Why do CC companies....


@tjones9234 wrote:
Ask for Employer name and time at job? I know with auto loans the verify, I have never heard of a cc calling to verify a new app or CLI

What does verifying have to do with anything?  I'm sure they expect people not to commit fraud and to answer honestly.

Message 2 of 9
jamesdwi
Valued Contributor

Re: Why do CC companies....


@tjones9234 wrote:
Ask for Employer name and time at job? I know with auto loans the verify, I have never heard of a cc calling to verify a new app or CLI

Time at current job is a sign of stability, could be used against a person if it is lied about, but don't think its used too heavily since it isn't verified other than comparing to information on credit reports, the name of employer could be used for collection activies should the need arise. 

 

 

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Message 3 of 9
tjones9234
Contributor

Re: Why do CC companies....

Yeah I would hope no one lies either, as it's not fair to those of us who don't.. That being said, I would guess soooo many people fudge income and employment status to get credit cards.. It's just interesting they don't bother, I know I would if I owned a bank
Message 4 of 9
B335is
Moderator Emeritus

Re: Why do CC companies....


@jamesdwi wrote:

@tjones9234 wrote:
Ask for Employer name and time at job? I know with auto loans the verify, I have never heard of a cc calling to verify a new app or CLI

Time at current job is a sign of stability, could be used against a person if it is lied about, but don't think its used too heavily since it isn't verified other than comparing to information on credit reports, the name of employer could be used for collection activies should the need arise. 

 

 


+1

 

Just like time at residence - the longer the more stable you look.  I think more and more of the credit card issuers are going to third party employment/income verification these days.  Barclays just sent me an updated T&C saying they reserve the right to check that.

Message 5 of 9
tjones9234
Contributor

Re: Why do CC companies....

Yea via equifax the work number... It's the only 3rd party income verification service I am aware of..
Message 6 of 9
tjones9234
Contributor

Re: Why do CC companies....

IMO that information should be kept private and only released via your auth.. Ex Amex for form
Message 7 of 9
B335is
Moderator Emeritus

Re: Why do CC companies....

There's other companies out there that can verify income and employment.  Theworknumber came up not long ago:

 

http://ficoforums.myfico.com/t5/Credit-Cards/Amex-FR-and-theworknumber-com/td-p/3392159

 

ETA:  oops missed your post!

Message 8 of 9
wacdenney
Valued Contributor

Re: Why do CC companies....


@B335is wrote:

There's other companies out there that can verify income and employment.  Theworknumber came up not long ago:

 

http://ficoforums.myfico.com/t5/Credit-Cards/Amex-FR-and-theworknumber-com/td-p/3392159

 

ETA:  oops missed your post!


That's interesting...  Sometimes I put the main number and sometimes I put my direct line.  I always just assumed they wanted a way to pester me if I missed a payment or something.  Maybe I need to always put the main number instead.

Message 9 of 9
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