I recently noticed on my credit report a hard inquiry from a bank that I didn't recognize nor authorize, so I called the CRA to dispute cuz you can't do it online, but they just said the best way is to call the bank. So I called them and they said that a previous employer from many years ago had, based on company policy, "forced out" my very old 401k account to them as a rollover IRA because it was all of a sudden below minimum balance. OK, but I said that doesn't explain why a hard inquiry was necessary, cuz it's not like I'm asking for credit, but in fact I'm depositing money. The bank rep said that that was just their policy to pull credit in these situations to obtain reliable contact info as required by Patriot Act, even when I didn't explicitly authorize it. I just want this hard inquiry removed from my credit report. Do I have just cause to demand this, and if so, how can I go about doing this?
The bank's explanation is pure, major league BS - but why are you so concerned about one inquiry? One inquiry hardly affects your credit score.
about to apply for auto loan You're probably right... it's no big deal I guess since it _is_ just one and my score is in the mid 700s, but I'm about to apply for an auto loan and I have no idea where the cutoff is for the best rate possible. I want the assurance of knowing that I'll be eligible for their "super preferred" status or whatever it is that they call it.
You might want to read the fine print on your original 401K agreement, there is probably langauge in there allowing them to pull your credit report, should it be rolled over. Althoug the bank could have pulled a soft inquiry, I'm certain there was an agreement written sonewhere.
It is not pure BS. Most financial institution's are mandated by "Know you depositor laws" and Homeland Security to verify all account information.
