I just found out that when I opened a savings account with them, they pulled a "Hard" inquiry which is now showing on my report. Can they do this without asking me? It was funny because while I was talking to the rep she said, Oh you have been approved for a secured card. Would you like to use this account as security for the card? I said no and didn't really think anything about it. Now that I have begun my credit rebuilding journey, I see that the hard inq. was a bad thing. What can I do about it?
DISPUTE IT (WITH THE CRA)..."I did not apply for a credit card or loan with WELLS FARGO, please remove"
OK, do I need to send any type of documentation with that? Such as the report from the on line banking site that shows I opened a savings account that day? Do I need to contact Wells Fargo at all?
Just send a letter with WELLS FARGO name and the date to the CRA..."I DID NOT APPLY FOR ANY LOAN OR CREDIT CARD WITH WELLS FARGO, PLEASE REMOVE THE INQUIRY"
This isn't that easy. Most likely, somewhere buried in the form(s) you signed to open up this savings account, WF had a clause that said they may/will pull your credit report. So that would be their "permissible purpose" So, sending doc's from WF showing you opened a savings account won't help you, but might just hinder. One option, like GEORGE said, dispute it with the CRA. Hopefully you'll get someone who's halfway decent, and just delete for you. Other option would be to go back to WF, explain to them (even if you really didn't the first time around) that you specifically said you do not want a credit report pulled, and they did anyway causing you damages as a result.
If you have NO LUCK with the CRA...go to WELLS FARGO and say something like this... "Pulling a credit report for a SAVINGS ACCOUNT caused UNNECESSARY DETRETEMAL DAMAGE TO MY F.I.C.O. SCORE" Please have it removed.
I agree. But for some reason banks seem to think your money in your account could be a 'risk' to them.
Well, this is what I was thinking about doing....you tell me if you think it will work. I was going to write a letter (CRR) to Equifax and cc Wells Fargo (also CCR) stating that on the date in question I went in to the branch to open a savings acct with XXXXX and that I did not request a credit card. I was going to include her name, address (branch) and phone number in the letter to "assist them" should they need to contact Wells for verification. Do you think that would work?
That's fine, but you need to include in that letter that you specifically told the bank officer that you did not want a credit report pulled. Otherwise, WF is just going to turn around with a document you signed that says they pull reports when opening this type of account. At least by claiming you told the bank officer you didn't want a reort pulled, the bank may just go ahead and delete the inquiry, not wanting to risk you starting trouble for them. Which CRA did they pull, BTW?
Equifax. But.....now that you mention signing papers...hmmm. This makes me even angrier because I didn't sign any paperwork until AFTER the account was opened and she had walked my deposit over to the window for me. So even if I did sign the form, I signed it after it was already pulled! She never said anything to me about pulling a report.
Equifax itself (as opposed to its affiliates) will never take an inquiry dispute, unless a lawsuit is filed. Saar
They did the same exact thing to me a few days ago. Pulled on EQ too. I told them, NO OVERDRAFT, and I want NO INQUIRY as a result of opening a checking/savings account. Accounts rep said no problem. After my deposit was made, I was told I was "preapproved" for a cc and HELOC. I just kind of looked at the rep, and he said, "don't worry, its a soft inquiry." Of course the next day, the was a hard INQ on my EQ report. Good thing I a member of the EQ 45 day club.
check this thread out. Well fargo paid her $1000. http://www.bayhouse.com/credit-forum/showthread.php?s=&threadid=79
These are two completely different situations. Christine's situation was, she advised WF they were reporting a tradeline incorrectly. They told her they'd correct it. They didn't. So, she filed a lawsuit against them. In the meantime WF pulled a hard inquiry on her report (this was in connection with the lawsuit she filed, [their alleged permissible purpose]). Subsequently, she had to dismiss the original lawsuit because she was out of town. She then started sending demand letters to WF regarding the pulling of the inq. Eventually WF settled with her, because she had plenty of proof they were wrong.
