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Banks are keeping closer tabs on your reputation than ever before

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Banks are keeping closer tabs on your reputation than ever before

  • Over the past year, stories have piled up in online communities of credit-card super users suddenly having their accounts shut down by JPMorgan Chase.
  • The case of Bryan Sequeira seemed similar at first, but upon closer inspection, it proved particularly unusual and confounding.
  • Sequeira, who has a strong credit profile and doesn't game the points system to maximize rewards, was informed this summer that his accounts would be terminated by Chase.
  • But even after his appeal, the company not only declined to reinstate him, but refused to disclose why his account was being closed in the first place.
  • Unspooling the mystery behind Sequeira's shutdown shines a light on the broad power that credit-card companies have to cut ties with customers, as well as how banks, amid steep fines and intense scrutiny from regulators, are using technology to keep closer tabs on customers' reputations than ever before.

https://www.businessinsider.com/mystery-of-chase-sapphire-cardholder-who-was-shutdown-and-never-told...

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Message 1 of 26
25 REPLIES 25
Established Contributor

Re: Banks are keeping closer tabs on your reputation than ever before

Interesting. It doesn't seem right... kinda like being guilty, no chance of being proved innocent. But I still think/wonder... there has to be something else, something more specific to him. I hope.



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Message 2 of 26
Valued Contributor

Re: Banks are keeping closer tabs on your reputation than ever before

What's wrong with banks nowadays? 

 

I understand wanting to mitigate risk, but why the need to judge creditworthiness based on things other than income and credit history?

 

This is all weird to me, and I am thankful that although I have bad credit, I am not at the mercy of these banks. Smiley Wink

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Message 3 of 26
Valued Contributor

Re: Banks are keeping closer tabs on your reputation than ever before

This is a case in point: "Those with the money make the rules."













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Message 4 of 26
Community Leader
Super Contributor

Re: Banks are keeping closer tabs on your reputation than ever before

WOW..thats an eye opener right there. Good read !!

Scores held down by umpteen INQ & New accounts, and a paid off loan and new loan reporting.
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Message 5 of 26
Established Contributor

Re: Banks are keeping closer tabs on your reputation than ever before

Interesting, yet Banks don't have to worry about their reputation. Because if anything ever happens, they just get bailed out with our Tax Dollars!

You know, the ones paying all their fees too...

 

At the end of the day they have the right to end the relatinship for any reason, as per their T&C. But I feel it should only be based on pertinent finacial information and ability to repay,  not because of Facebook or your opinions on an issue etc.

 

If only Credit wasn't needed for other than just CC/Loans, and if Banks weren't needed. Then people could tell them where to stick it. 

And people wonder why I store cold hard cash instead of letting Banks make Money off of it. lol

Message 6 of 26
Super Contributor

Re: Banks are keeping closer tabs on your reputation than ever before

Great read and information! Did not know. Smiley Frustrated

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Message 7 of 26
Established Contributor

Re: Banks are keeping closer tabs on your reputation than ever before

What's really annoying/alarming is that there doesn't appear to be any procedure that a person can go through to unveil the actual reason for the account closures. Saying you are a "reputation risk" is way different than saying they don't like your credit profile.

I'd be tempted to file a discrimination complaint against them as a ploy to get them to reveal more information as part of their defense against the charge. "We don't have to tell you" is not proof against discrimination.

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Message 8 of 26
Super Contributor

Re: Banks are keeping closer tabs on your reputation than ever before

IMHO they will start going back to High School to see if you ever borrowed money from a friend at a party after drinking too much and didn't pay it back.

12/19/2018: FICO 838 EQ 830 TU 827 EX
Message 9 of 26
Regular Contributor

Re: Banks are keeping closer tabs on your reputation than ever before


@marty56 wrote:

IMHO they will start going back to High School to see if you ever borrowed money from a friend at a party after drinking too much and didn't pay it back.


Smiley Happy this........made my day.

Message 10 of 26