Hard Pulls

[Anonymous]

This is more of a "rant" but also a question. Why is it that when you investigate to open a simple checking account, even if you do not open that checking account, the bank can do a HP for intentification purposes, and IT COUNTS AS A HARD PULL, just as if you appled for a loan or a credit card?

When I first cleaned up my reports, I also was looking to open a checking and savings account. I checked with Bank of America, BB&T, First Citizen, Charlotte Metro Credit Union, and SunTrust Bank,

BofA, BB&T, First Citizen, and CMCU, all did hard pulls on my Experain Credit Report. Giving me 4 hard pulls before I got out of the gate. Guess I don't understand why they are allowed to do that. Yes, I know that the (UN) Patriot Act (which has nothing to do with Patriotism) allowes for HP's for indentification. Sun Trust did a TU SP. Which is who I went with without the knowledge of what they did.

The problem I have, is that when I check into opening, or even open a checking or savings account, I am not asking for any credit or to borrow anything. Yet, the inquiry as far as the credit and banking companies are concerned, are inquiries and considered requests for credit.  Why isn't there a seperate catagory within the Credit Reporting Agencies that make notice that "this inquiry is for identification only, not a request for credit"?? That has bugged the crap out of me.

4 Inquiries from Indentification, and 4 from Credit Cards total of 8 in 11 months! 4 Approvals for Cards. I wish there was a way that HP's requested for indentification purposes were shown as such, and not counted as requests for credit.

Is there something I don't understand about this? 

[ddemari]

hmmm, I have never ran into problems opening a checking account with Chase, Bank of America, 5/3 Bank, Us Bank (although different problems) and getting a hard pull. 

im surprised boa did that, did you check off that you are interested in over draft protection? if so, they treat that like a "line of credit" and pull your credit. 

cap1 360 I read does/ did that too for people. Credit Unions are different, each one can have their own policies, which they should be able to tell you about. 

[Anonymous]

Unfortunately, for us that had terrible credit from past irresponsibility of our own doings or unfortunate experiences, aren't always welcomed by certain banks. In my case all responsibility falls on me for not understanding the importance of credit.  So, to the banks I probably looked like a bad apple.

I never, in either bank cases, opted for over-draft. I have read, too late, that banks and credit unions can pull hard pulls for ID purposes. Understanding that, it still makes no sense that in order to ID a person, the action to "identify" counts as a "request for credit" and you are penalized for proving to them who you are.

All in all, there should be a seperate catefory for "Request for Credit" and "Indentification Purposes" Inquiry listed on Credit Reports. Being dinged and accountable towards deduction of points for merely provoing who you are seems an unfair step in the Reporting Agencies process.

Just one man's opinion. Although, I don't like the process, I have been sucessful in cleaning up my reports (clean as can be now) and getting the credit cards I wished for (Chase Freedom, Capital One Platinum, Discover It, Chase Slate, Capital One Quicksilver, & American Express BCE) and now can still back for 2 years and allow my history to grow.

Still early for me in the credit world at such a late stage, but better late than never. 

Thanks for your response.

[Anonymous]

Correction: That should have said.............I can SIT back for 2 years....