Chexsystems are verbal disclosure agreements legal?

Discussion in 'Credit Talk' started by burgoyne, Mar 19, 2015.

  1. burgoyne

    burgoyne New Member

    I called up my bank to open a savings account. I have had a savings account w them for 5 years or more in good standing.

    They gave some vague verbal disclosures that I verbally agreed to.

    I gave my soc sec and driver's license number.

    I thought they just asked for that to make sure who I was, instead they pulled a CONSUMER REPORT on me from the jerks at Chexsystems.

    This is NOT a credit report but reports on checking and savings account activity.

    I have a good recored with the bank not bouncing any checks etc.

    Is it legal for the bank to give my info to a third party passed only on verbal disclosure and verbal reply or does it have to be in writing? I.e. the permission -does it have to be in writing.

    I am looking at section 610 of the fcra and it seems to indicate I would have had to give agreement in writing?

    But I'm not totally sure.

    Does anyone know?
  2. mindcrime

    mindcrime Well-Known Member

    As far as I can recall;

    I've never signed anything when opening a checking account to auth a pull, they simply do.
  3. jam237

    jam237 Well-Known Member

    If clicking a checkbox would authorize something, saying yes over the phone would to.

    Any type of account needs SOME sort of credit pull under the Patriot Act, chexsystems is a Specialty CRA, governed by the FCRA.

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