Re: Re: Re: Re: signing check authorizes hard inq.? I GOT THE PROBLEM SOLVED!!!! JUST GET $15,000 IN ONE DOLLAR BILLS FROM THE BANK INSTEAD OF A CHECK FROM THE BANK!!! ONE DOLLAR TWO DOLLARS THREE FOUR FIVE SIX SEVEN FOURTEEN THOUSAND, NINE HUNDRED NINETY-NINE DOLLARS FIFTEEN THOUSAND DOLLARS!!!! YOU CAN RE-COUNT IT IF YOU WANT TO!!!
Re: Re: signing check authorizes hard inq.? THEY SHOULDN'T BE ABLE TO!!! THE CHECK WRITER IS NOT HAVING THEIR CREDIT PULLED!!!
Re: Re: signing check authorizes hard inq.? 1*the seller has a legitimate business need for the consumer report information in order to complete the transaction 2*a dealer may obtain a report, if one is necessary, in order to arrange financing requested by the consumer 3*The dealer may also obtain a report to check a consumer's creditworthiness when the consumer presents a personal check to pay for the vehicle. =============================== 1*No need when the buyer is not trying to get a loan through the dealer. 2*Only legit reason 3*What type of report? Seems this is getting muddled in the discussion. The END ************************* LB 59
Re: Re: signing check authorizes hard inq.? 1*The dealer may also obtain a report to check a consumer's creditworthiness when the consumer presents a personal check to pay for the vehicle 2*the consumer has presented a large check to purchase the vehicle and in doing so provided personal information that would require a "credit check" to verify. SoParkDiva | ====================== 1*What type of report? 2*How can they do this based on a check not issued by the customer? The END ************************* LB 59
But I doubt that an auto dealership is going to allow anyone to pass a large check without at least checking the credit. SoParkDiva ======================= What does the banks check have to do with the buyer and pulling his report? The END ************************* LB 59
I'm with you, lbrown. I think the idea that someone can have a hard inq placed on their file for buying shoes at Neiman Marcus is ridiculous. I think people are taking the FTC and FCRA rules too literally. They are misinterpreting the rules. If this really did happen as the topic author stated, then where is the follow-up? I would like to know what happened. Did the consumer file a suit against Neiman Marcus? They certainly have grounds to. I can't find a retailer who would ever consider pulling a hard because a consumer paid for goods with a check.
Re: Re: Re: Re: signing check authorizes hard inq.? I GOT THE PROBLEM SOLVED!!!! JUST GET $15,000 IN ONE DOLLAR BILLS FROM THE BANK INSTEAD OF A CHECK FROM THE BANK!!! GEORGE ================= I got a better idea: 30,000 fifty cent pieces . L O L The END ************************* LB 59
Re: Re: Re: Re: signing check authorizes hard inq.? THE CHECK WRITER IS NOT HAVING THEIR CREDIT PULLED!!! GEORGE~~ ================= I know! The dealers are pulling reports on customers who aren't even issuing checks for the purchase. I say that this is neither permissible purpose nor a business need. The END ************************* LB 59
I'm not sure how anyone can misinterpret, or take too literally the FTC opinion letters: Coffey - The dealer may also obtain a report to check a consumer's creditworthiness when the consumer presents a personal check to pay for the vehicle. By contrast, a permissible purpose would not arise if a consumer intends to pay by cash. Long - Thus, for example, a merchant may procure a report on a consumer who offers to pay for goods with a personal check. Given Coffey's statement, LB might have a cause of action - he uses the word "personal check". But its crystal clear that a merchant can obtain a report. Do I agree, no, but that doesn't make it a violation. We don't know how much the purchaser was spending at Neiman Marcus (the shoes were brought up as an example, the original poster never mentioned what goods or how much was spent). You probably can't find a retailer that does so, because its simple math. Cost vs. benefit. The cost of pulling a report on every check writer is probably astronomical. There are much better ways such as Telecheck for merchants to make a decision whether to accept a check or not. But just because a retailer can't be found, again, that doesn't make it illegal for a retailer to do so.
Re: Re: signing check authorizes hard inq.? I say it is a violation because somewhere in that opinion letter it stated that the consumer must understand clearly that the merchant has a "business need" to pull a report and that the report is needed to "complete the transaction." In the topic author's case, not only is she NOT informed that a report is being pulled but the report is pulled apparently after she has left the store! That would be long after the transaction was completed. Please find a opinion letter that refers to a case similar to this one and not big ticket items such as vehicles or houses.
1*I think people are taking the FTC and FCRA rules too literally. 2*They are misinterpreting the rules. SoParkDiva ============================================================================================================================ 1*They could be. 2*No Doubt. There are 2 different types of CRAs for two different purposes. I think folks are getting the 2 confused with each other The END ************************* LB 59
Re: Re: Re: Re: Re: signing check authorizes hard inq.? Gets you arrested immediately if you carry that large wad of cash and attempt to pay for large purchases with cash... Thanks to Patriot Act
Re: Re: Re: signing check authorizes hard inq.? Well, we will have to agree to disagree, if you read the Coffey letter in its entirety for context, it lists reasons when a merchant needs a consumer's written permission. Example - If the dealer would like to see a consumer's credit report before answering general questions about the availability of financing, this must be explained to the consumer and written permission must be obtained. In the same way, a request to "test drive" a vehicle does not indicate an intent to initiate the purchase or lease of the vehicle. Accordingly, if a consumer asks to test drive a vehicle, the dealer must obtain written permission from the consumer before obtaining a report. It clearly states that a personal check is not one of those cases. Only in those circumstances where it is clear both to the consumer and to the dealer that the consumer is actually initiating the purchase or lease of a specific vehicle and, in addition, the dealer has a legitimate business need for consumer report information may the dealer obtain a report without written permission. Again, if you read the Long letter in its entirety, there is no mention of a value or type of goods when he refers to a merchant pulling a CR in contemplation of accepting a personal check.
Re: Re: signing check authorizes hard inq.? I totally agree. This is common sense. A sales associate (cashier) in a retail store cannot pull a credit report at the cash register. Even if she could - she needs a social security number and/or a DOB to identify the customer (many people have the same name). Some checks don't include the address, SS# or DOB so these items would have to be provided by the check writer. At some point the sales associate has to inform the consumer that she's asking these questions to pull a report and then the logical response would be "Why?" At that point, I would ask her to return my check and I would proceed to another store.
Re: Re: Re: Re: signing check authorizes hard inq.? Again, this does not pertain to the circumstance described here. This pertains to the purchase of a vehicle.
yep, it happened to me last year and i was pissed! how can they do this ? in order to get an inquiry, on your report don't you have to first apply for credit with that store/company? and if so, this is pretty scary because they are doing this. pretty soon everyone who may apply for credit legitimately may in fact be denied based on the fact of writing checks. scary!
I'm sorry, you asked about that specific opinion letter, so I went back to it. The original poster never mentioned what or how much the check was for, nor was it apparent (at least to me) that the CR was pulled after they left. But, again, if you read the entire letter, Coffey spoke in general terms: 1. Section 604(a)(3)(F) permits CRAs to provide consumer reports to any party who has a "legitimate business need for the information in connection with a business transaction that is initiated by the consumer." He then continues by citing examples that pertained to his audience at the moment.
jlynn, what "legitimate business need" would a sales associate at Neiman Marcus have to pull a credit report on a customer without informing the customer of that need? If this really did happen, Neiman Marcus would not have a case. As there is clearly no PP here. When you find a opinion letter pertaining to this circumstance share it with us ok. Although I doubt you will find one.
