We are 2 years post BK....and new to this board. Very good info. My question is this...we went to a broker to start doing some investing. We are giving THEM our money...we are not using their money....yet when we pulled a credit report...it shows they pulled our report?? Are they able to do this? They were not extending us a line of credit....we were giving them our money. We are so angry that we are ready to pull our money from them and take it higher up. Any comments? Were they wrong in pulling a credit report?
Did you open a margin account? That might be viewed as a line of credit for stock buying purposes. If it wasn't a margin account, or you aren't buying certain types of options, I can't imagine why they would need your credit report. Wichita
By the way... if the broker opened a margin account without you understanding EXACTLY what kind of risk that entails... dump the broker. Margin accounts aren't for beginning investors and they pose a substantial risk to your financial stability. Worst case scenario is you can end up owing more money than you invested. If the broker didn't disclose that to you and explain it until he was blue in the face, you should get another broker. Wichita
