Banks Checking Credit Reports

[Anonymous]

I established a checking account with BoA in January 2008.  They checked my credit report and of course, I took a hit from FICO as "You've been looking for credit".  I wasn't looking for credit nor did I request credit at that time.  I already have a BoA Visa. 

Once I noticed it, I call BoA about it and they said they check your credit for security reasons.  I don't have a problem with that.

But I do have a problem that it counts against me with FICO.  Has this happened to anyone else?

Does this seem fair?

Rk

[Jesedmotherof5]

yeah wells fargo did it too! Makes me mad since they did it for every single account I opend all all of the secured cards... got like 4 hits from them. I wish they did softs!

[Anonymous]

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kennedyr wrote:

I established a checking account with BoA in January 2008.  They checked my credit report and of course, I took a hit from FICO as "You've been looking for credit".  I wasn't looking for credit nor did I request credit at that time.  I already have a BoA Visa. 

Once I noticed it, I call BoA about it and they said they check your credit for security reasons.  I don't have a problem with that.

But I do have a problem that it counts against me with FICO.  Has this happened to anyone else?

Does this seem fair?

Rk

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This comes up from time to time.  Fair?  Probably not.  Legal?  Probably.

The FTC is of the opinion that opening a checking account gives them permissible purpose.  It's a common misconception that hard inquiries are not allowed unless you're applying for credit.

[granny031350]

I specifically ask at BofA today about this very thing as I do NOT want any more hits to my credit report for inquiries.  She told me "only check systems"  but I don't believe her.  Glad I didn't open up the accounts today.  I already have the statement about recently looking for credit, which is true.  I have obtained 5 new cards in recent months.  So I am done for a long while now and don't need anymore score hits for inquiries. 

[Anonymous]

Wachovia did a hard pull on me and TU hates inqs! I used the account for 1 week and I was not happy with Wachovia, went back to my bank...Now I have this big fat inq on my TU and nothing to show for it....

[Anonymous]

There needs to be a way to distinguish between legitimate credit hunting and everything else.   I called Experian and there was nothing they could do.    It was not credit hunting and I don't see why I have to be dinged for it.  FICO sees the entry and thinks I'm credit hunting.  I can even appeal this which bothers me more than anything. 

[MidnightVoice]

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kennedyr wrote:

There needs to be a way to distinguish between legitimate credit hunting and everything else.   I called Experian and there was nothing they could do.    It was not credit hunting and I don't see why I have to be dinged for it.  FICO sees the entry and thinks I'm credit hunting.  I can even appeal this which bothers me more than anything. 

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It is not FICO or the CRAs fault for a change 

They are allowed to do it, so they do!

[fused]

So, BoA says they hard you for security reasons? Can they be more specific?

[Anonymous]

I opened up a plain old checking account in January 2008.  The did a "check system" pull on me which pulled my credit report from Experian.  I called the bank today to ask why they pulled my credit report since I was not applying for credit.  The lady told me they do as a matter of security and to ensure I don't have any outstanding debt issues.   I didn't press her about the security issue.  I didn't need any credit products from BoA because I have a cc from them with a $17,500 cl. 

I got notices in February saying (You've recently been looking for credit) and that my score was dropping because I was looking for credit.  I had high balances at that time on 4 cards.  The inquiry only made matters worse.  I pulled my credit report from Experian today to dispute the notion that I was looking for credit.  Apparently, you can't dispute that. 

I am just frustrated because I'm being dinged for something I had no control over.  I just wanted people to know this sort of thing is happening.