I opened a checking and savings account with Compass bank in response to one of their promotions. During the opening, they told me that I was automatically eligible for a Compass credit card. I told them I wasnâ??t interested. When I pulled my credit report this past week, I noticed that it showed them as a hard inquiry. Was that from opening an account or from them trying to give me a credit card? If it was the latter, can I dispute that?
Banks can pull a credit report with one or more CRAs in the process of opening a new account. It used to be only ChexSystems and the like that would be checked. One reason they'll quote is the Patriot Act's requirement for completely verifying the identity of the new account owner.
Although I personally disagree with a hard inquiry for a savings account, they apparently can do it nonetheless under the FCRA. With respect to a checking account, I can see the rationale. With that said, you can request a re-investigation of the inquiries through Equifax and Trans Union. Don't waste your time with Experian. Equifax will delete it in a matter of days and Trans Union has begun to follow suit.
I'll dispute with those two then. I wanted to make sure they hadn't illegally pulled it as I'm wanting to keep inquiries to a minimum. Thanks both of you for the answers.
