This is a paragraph from the federal statue governing permissable purpose for checking a consumers credit report. Does this mean that if I apply for a checking account at a bank the personal banker can obtain a credit report on me without written permission for a credit card I did not want simply because the inquiry was for the purpose of extending credit? 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
Lenders of all types regularly purchase from the credit bureaus lists that contain information about people that fit their criterion. This includes credit card companies, car dealers, and anybody else that wants you as a potential customer. And yes, your bank can, without your express permission, pull your credit with the intention on seeing if you qualify to receive their bank card. You however, have the right to "opt out" and not allow not requested creditors from getting your info with the intention of offering you credit. Unfortunately, I don't think that would stop a lender that you have an ongoing relationship with from doing a credit pull. And a bank that you have an account with would qualify, even if you don't have any credit cards with them. Hope this helps fla-tan
It would either be considered a soft inquiry or an informational inquiry and should not affect your score since you did not request that the bank extend you credit. If you go to the bank and say...I want a VISA card and the bank pulls your credit then that is a hard inquiry. Hope that helps you some. fla-tan
