Can banks use PRM code to verify ID when opening a savings account -vs- hard inq?

[Anonymous]

Can't banks just use PRM code for Inq to verify ID? They don't need to see all of your credit just name, address, ect. That's all included in PRM right?

Message Edited by ilovepizza on 08-12-2008 09:43 PM

[athensguy]

IMO, pulling credit doesn't verify ID. But to answer, a bank could get the same info with an AR as with a PP hard.

[Anonymous]

Yep, but new account so no A/R available. They verify the social to match the address you give them. Doesn't seem fair for some of us to get his with hard inq just to verify social.

[athensguy]

PRM doesn't give as much info as AR. However, I don't think there any technological checks in place on who can pull an AR. I have an AR from Southern Co. on my EQ, but they do not have a reporting TL.

[haulingthescoreup]

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@athensguy wrote:
PRM doesn't give as much info as AR. However, I don't think there any technological checks in place on who can pull an AR. I have an AR from Southern Co. on my EQ, but they do not have a reporting TL.

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Then I think they owe your a thousand bucks.

Companies without current, open, existing relationships with a consumer can use an AR or AM prefix to soft you, but if you're not currently a customer, the best they can do is a PRM. AR and AM imply that there's an actual account to review or maintain.

PP applies to soft inqs as well as hards.

[athensguy]

I do have an account with them, but there is nothing on my credit report to indicate that it is there. If you do a "pre-app", you're giving permissible purpose, and the FCRA doesn't specifiy differences between INQs, so I'd say they were in the clear if they did an AR on a pre-app. About the AR from GA Power, I'm glad they did a soft and not a hard!