Savings Account

THEY DON'T HAVE ACCESS TO KNOW IF YOU HAVE A SAVINGS ACCOUNT OR CHECKING ACCOUNT...

 

But the creditors DO ask you if you have checking and savings accounts. Maybe not all of them but Citibank, Juniper, and Universal Bank do. They most likely have internal scoring systems whereby they pull the info from the CB's into their own software.

 

Many times lendors want to see that you have a Checking account or Savings Account on your Loan application. They may even want to see the amounts. This adds to the lendors criteria for giving you a loan. Cra's have no info on your checking or savings situation. Of course chex sytems does....

 

godaddyo
Of course chex sytems does....
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MY CREDIT UNION SAID THEY DON'T REPORT TO ANYBODY...unless you have a loan...
They didn't call the CHEX people...unless they did later?

If they did it later, and you were a "BAD PEOPLE" would they give you your money back and close the account???

SO I HOPE CHEX KNOWS NOTHING OF MY SECRET SAVINGS ACCOUNT...
It is NONE of their business anyway!!!!

 

Subprimal,

Evidently the people at www.creditinfocenter.com don't like to read.

If you read the transcript which accompanies the slides from which the chart is taken, it states "This is a sample -- and let me stress a sample..." (Bottom of page 17 of the transcript pdf file, http://www.ftc.gov/bcp/creditscoring/creditscorexscript.pdf)

As george pointed out, the cras do not even have access to the information of whether you have a checking/savings account. FICO also makes scoring models for individual lenders (as others alluded too)

 

The CRAS do know if you have a checking or savings. Especially EQ, because when you opening a checking account and you try to get a debit card, they always check your credit report and most big banks check your credit report anyway before you open anything with them. So I am sure somewhere in their database they know who has a checking account or savings account.

Cypri

 

Cyprigirl,
Good point. I have never applied for those nasty debit cards. Those things are dangerous fakes that can get you in a whole lot of trouble. You dont have any dispute rights and your accounts can be cleaned out, taking months to clear up. I was only under the impression that the CRA was only used as a source for there credit granting process. Does it say in the application that they will be divulging the amounts and status of your accounts with the institutions? If so, I am certainly unaware...

 

Daddyo;

I read my customer service agreement and it did not mention what could be disclosed with the use of debit card. I think I will call my bank tomorrow and find out about that, good point.


Cypri

 

Just to clear something up - if you have a Visa or MasterCard debit card you have all the same disputing rights as if it were a "credit" card - its all governed under the same rules. If its a regular debit card that looks like an ATM card (w/ no Visa or MasterCard symble), then you are at the mercy of the bank's policy.

 

Bingo,
I would really like to belong to the bank that issued you fake card. I have never seen one that gives you the same rights in the dispute process. It seems to me that these cards are only accepted as visa/masterdcards and they have rules that apply much like checking accounts. They are not as safe as credit cards. If you have info that I dont have, please inform me.

Thanks,

 

I just wanted to comment, that I experienced a problem with a Visa Debit card. At first the bank balked at taking responsibility until I pointed out the information I am posting below. The old card was cancelled and a new issued. The bank issued a credit of 160.00 to my account immediately and had me sign an "investigation of fraud" form. The credit was issued with the disclaimer that they would take 120 days to investigate and if my claim was supported I kept the funds, if not they reclaimed them. I ended up keeping the funds.

From the FTC website:

"ATM Card Loss. If you report an ATM card missing before it's used without your permission, the EFTA says the card issuer cannot hold you responsible for any unauthorized withdrawals. If unauthorized use occurs before you report it, the amount you can be held liable for depends upon how quickly you report the loss. For example, if you report the loss within two business days after you realize your card is missing, you will not be responsible for more than $50 for unauthorized use.

However, if you don't report the loss within two business days after you discover the loss, you could lose up to $500 because of an unauthorized withdrawal. You risk unlimited loss if you fail to report an unauthorized transfer or withdrawal within 60 days after your bank statement is mailed to you. That means you could lose all the money in your bank account and the unused portion of your line of credit established for overdrafts.

If unauthorized transactions show up on your bank statement, report them to the card issuer as quickly as possible. Once you've reported the loss of your ATM card, you cannot be held liable for additional amounts, even if more unauthorized transactions are made. "



With regard to CRA's knowing if you have checking/savings, I read on one of the CRA websites (Can't recall which) that with Visa/MC debit cards there is a database that the CRA's are also utilizing.

 

Hal,
That is very interesting information. Especially the database info on VISA/Mastercard fakes. It is funny how you have 60 full days to dispute an item with a credit card, but you start losing money immediately with checking accounts or debit cards. These fake cards are not as good as a real credit card for protection..