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Do banks provide checking account personal info to CRA?

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Do banks provide checking account personal info to CRA?

Do banks report clients address for checking account to CRA?

Message 1 of 8
7 REPLIES 7
Super Contributor

Re: Do banks provide checking account personal info to CRA?


@jason2004 wrote:

Do banks report clients address for checking account to CRA?


CRA stands for consumer reporting agency.  There are many CRAs.  The two biggest CRAs that banks report to are ChexSystems and Early Warning Sevices.

 

The three CRAs that you may be thinking of (TransUnion, Equifax, Experian) do not contain bank account information.  I know that some banks may do a soft pull of your data at one of these three before opening an account, but I do not think that pulling your TU/EQ/EX data could affect the data in the database itself, which would be pushing data into it.

 

Happy to be corrected by anyone who knows better,

Message 2 of 8
Moderator Emerita

Re: Do banks provide checking account personal info to CRA?

^^I have to disagree with CGID.  Normally I totally agree with Credit Guy, but I think he is making an assumption in this one case.

 

When a creditor pulls your credit they enter your name, your address and social security number as presented on the application. I have seen scores of CR's with incorrect personal information including misspellings of names and incorrect address or addresses that don't belong to the consumer.  It is very common to have errors in the personal information section of a credit report. When you speak to the CRA, they will correct it. The source of this information is when the creditor pulls your report, not just when the creditor reports info to the CRA. 

Message 3 of 8
Super Contributor

Re: Do banks provide checking account personal info to CRA?

And now I am happy!  :-)  I was thinking I might well be mistaken about that.

 

So the simple act of the pull can actually push address information onto one's report.  Interesting.  Doesn't surprise me that much, I guess, given the huge number of different addresses that are sometimes on a report.

 

Thanks so much, StartingOver!

Message 4 of 8
Highlighted
Valued Contributor

Re: Do banks provide checking account personal info to CRA?

That's also the number one way that employment info gets added to your reports - by being reported by a lender while doing a pull (common for mortgages).

 

(Also AKAs - I had a lender typo the last letter of my name on a paper app a long time ago.  Ended up with an "alias" on one report for about a decade - CRA wouldn't remove it, because "I had applied for credit with that name".)

EQ8:850 TU8:850 EX8:850
EQ9:850 TU9:850 EX9:850
EQ5:809 TU4:789 EX2:819 - 2019-09-06
Message 5 of 8
New Member

Re: Do banks provide checking account personal info to CRA?


@CreditGuyInDixie wrote:

@jason2004 wrote:

Do banks report clients address for checking account to CRA?


The two biggest CRAs that banks report to are ChexSystems and Early Warning Sevices.

 

The three CRAs that you may be thinking of (TransUnion, Equifax, Experian) do not contain bank account information.



What happens when there is an address change for checking account?

Do banks update this information to ChexSystems?

I thought that banks only provide account info to ChexSystems at the time of account opening.

Message 6 of 8
Established Contributor

Re: Do banks provide checking account personal info to CRA?


@StartingOver10 wrote:

 

When a creditor pulls your credit they enter your name, your address and social security number as presented on the application.


That is correct. I had a problem with Equifax for a couple of years. It turned out that the source of the problem was that in my "cash only" days, I tried to rent a car with a debit card.

 

One day, I got a call from Chase. The CSR informed me that Chase just realized that 2 digits of my social security number were reversed. She said that it was a common occurance.

Message 7 of 8
Super Contributor

Re: Do banks provide checking account personal info to CRA?


@jason2004 wrote:

@CreditGuyInDixie wrote:

@jason2004 wrote:

Do banks report clients address for checking account to CRA?


The two biggest CRAs that banks report to are ChexSystems and Early Warning Sevices.

 

The three CRAs that you may be thinking of (TransUnion, Equifax, Experian) do not contain bank account information.



What happens when there is an address change for checking account?

Do banks update this information to ChexSystems?

I thought that banks only provide account info to ChexSystems at the time of account opening.


ChexSystems and Early Warning Services are the two main CRAs for bank deposit accounts (e.g. checking accounts, savings accounts, etc.).

 

They work in a way much like TU, EQ, and EX work for credit accounts (credit cards, loans, etc.).  That is, a creditor can interact with TU, EQ, or EX in two different ways:

 

(1) They can pull your report to see what is on it, typically when you are applying for a new account (a new credit card, a new loan, etc.).  This is called an inquiry.

 

or

 

(2)  After they approve an account with you (the new CC or loan) the creditor can report the account to the CRA.  This is called reporting an account.  Furthermore, once they report this new account, they might continue to send periodic updates to the CRA about your account -- regarding the balance and other details.

 

A creditor might only do an inquiry with that CRA and then never report that account (to that CRA).  Or they might do the inquiry with another CRA but begin reporting the account to this one.

 

That's why your TU, EQ, and EX reports have a separate section for inquiries and another section for the accounts being reported.

 

ChexSystems and EWS also have an inquiry section and an accounts section.  A bank might do an inquiry with EWS and report to ChexSystems.  Or do an inquiry to ChexSystems and then report to nobody.  Or do an inquiry with both but report to EWS.  All kinds of combinations are possible.

 

 If your address changes, then EWS and/or CS might find out about it if that bank is regularly reporting your bank account to either or them.

Message 8 of 8
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