I just read on this forum tonight an excerpt from a post stating that I can sue a bank that initiated a "hard" inquiry on my TU CR for one of their credit cards without my permission. It said that I could get either actual damages or $1000 which ever is greater. Is this true?
Sorry Counselor, If you have a CC with the Bank they CAN pull a report. It's when these people pull reports and you have NO account with them that you may sue for a $1,000. Keep the questions coming.
Butch, you may have misunderstood me....i had no cc with the bank, they did the hard without my permission....when opening a checking account.
Soooo Sorry Jr, Was overdraft protection part of your application? I would venture to say that they should not be pulling CR's for JUST a checking acct, but I'd better defer to the experts.
§ 604. Permissible purposes of consumer reports [15 U.S.C. § 1681b] (a) In general. Subject to subsection (c), any consumer reporting agency may furnish a consumer report under the following circumstances and no other: (1) In response to the order of a court having jurisdiction to issue such an order, or a subpoena issued in connection with proceedings before a Federal grand jury. (2) In accordance with the written instructions of the consumer to whom it relates. (3) To a person which it has reason to believe (A) intends to use the information in connection with a credit transaction involving the consumer on whom the information is to be furnished and involving the extension of credit to, or review or collection of an account of, the consumer; or (B) intends to use the information for employment purposes; or (C) intends to use the information in connection with the underwriting of insurance involving the consumer; or (D) intends to use the information in connection with a determination of the consumer's eligibility for a license or other benefit granted by a governmental instrumentality required by law to consider an applicant's financial responsibility or status; or (E) intends to use the information, as a potential investor or servicer, or current insurer, in connection with a valuation of, or an assessment of the credit or prepayment risks associated with, an existing credit obligation; or (F) otherwise has a legitimate business need for the information (i) in connection with a business transaction that is initiated by the consumer; or (ii) to review an account to determine whether the consumer continues to meet the terms of the account.
no over draft either....the personal banker kept pushing the credit card and i said i'd think about it...the denial letter i received in the mail was specifically for a credit card.
You got em, IMHO-lol A permissable purpose must be for the extension of credit. A checking acct obviously does not qualify because you deposit the funds first and that's NOT credit. That's my take. You'll get more answers tomorrow
Denial letter - they better have an application for credit that you have signed. That may be the catch you are looking for!
Ok here's the scoop. I called today and spoke with the bank manager and we went round and round about this. The personal banker is telling her that i verbally authorized her to initiate the application for the card, which is a bald face lie!!!!!then she tells me that they are not required to obtain written permission. again i questioned whether that was true. To make a long story short I explained that the statue governing this under federal law stated that I had the right to sue for either actual damages or $1000 which ever is greater....her response? and I quote " I'm not just going to hand you over $1000 that's just not going to happen" I responded by telling her that maybe a judge would..and ended the call...I'm really not looking for huge sums of money but a more understanding manager and a more truthful employee would have went a long way in settling this. I don't like the fact that this personal banker may get fired over this..BUT I also don't like it when someone is making me out to be the liar....any suggestions would be appreciated.
You can tell them that they have til the 1st to get it deleted from your CR's or a judge WILL decide, and you want a copy of the UDF. That gives them an out. Charlie
