Would you find it odd if oh say a bank(Bank of America for instance) ran 14 credit checks on you in less than?

Question

a year on your personal credit report and the only thing you hold with them(per se) is a business loan account? Just curious. Especially(just as an example of course) you've had done business with them the past five years and never had anything like this in any of the previous years happen?(per se)

Funny thing is i did. They hung up on me. LOL. The payments were never late. Sure did a number on my score though.

Actually from my estimate its five to 7 points per check. Yes i have copies of all my quarterly credit reports for the past five years. I'd say they're screwed.

to kynance: Well get this, CHASE sent me a letter not a month after i dscovered this saying they lost my personal information. Hmmm. yah just coincidence right?
Trust me its bigger than it sounds.

Well, that would be fine and dandy if i was not paying two to three times the amount owed each month. I'm a stickler for paperwork. And yes i have every statement, receipt,invoice for the past 7 years. They are not looking too good here, and THEY KNOW IT.

To baby poot: Let's just say its out of my hands now. Figured some might find it interesting. My question to them at the beginning was where did they get my social security number? Remember it was a business account.

There's a reason why i posted this in immigration. All one would have to do is go back and look at previous questions i have posted and answers i've given (along with links) to be able to put two and two together. Just read them. It will not take you long to figure it out.

And yes it's very real.

Answer 1

I think that is pretty strange. Sounds like a blatant attempt to damage someone's credit. You might want to see an attorney for a free consultation to see what, if anything, can be done.

Answer 2

This is the new method of doing business. BOA knows you are current with them, but by checking your credit report monthly, they know you are current (or at least less than 30 days late) with all your other creditors.

If you look in your loan agreement, you will likely see some clause in there about a "universal default penalty" or something similarly named.

Credit card companies, banks holding loans and even insurance companies are doing this routinely and if you look at your credit card agreements, they will also have something similar.

This is why it is all the more important to pay at least the minimum on each loan/credit card on time. One late payment (a reportable >30 days) can increase your rates across the board on each of your accounts.

Answer 3

Gather your financial records; i.e, all bank statements, filed tax returns, copies of credit reports from the three top credit-reporting agencies: Trans Union, Experian, and Equivax.

After personally examining your credit report, and you detect no abnormalities, go to you bank and personally talk to a bank administrator. Ask the bank adminstrator why there have been 14 credit checks on your account, and what the consequences may, or have been.

Answer 4

They can be sued for doing this. There are strict rules about checking ones credit history. They can only check it for legitimate purposes initiated by you for some financial reason, IE getting a loan.

If I were you, I'd threaten them with a lawsuit and make them explain their purpose for doing this. They have done you harm because everytime they check your credit, that credit reporting agency dings you a point or two for the check. If it's done enough, it will drop your credit score causing you harm. A low credit score gets you higher interest rates on credit cards or loans or just about anything where you borrow money.

Answer 5

the funny thing is more and more credit checks are being done by groups that never did them before. If you are going for a job, employers are running them. Every time you apply for credit, and sometimes every 5th time you use a credit card. If you applied for Car insurance they now do it. It seems weird but just about everyone seems to be doing this. If you have a mortgage I heard they are running checks monthly in many cases to balance projections on future loans to other people!

Answer 6

If you have done nothing wrong then this is my advice . . .

. . .go in there and shout alot and generally make ALOT of noise (you can speak to other customers in the bank politely, but noisily as well, this (in my experience) speeds up the process as the bank won't want other people feeling uneasy about their practices.)

Do not be rude or offensive, but be firm and make your valid point, don't give them an excuse to chuck you out, but free speach isn't illegal.

When someone comes to passify you, get their name and details (vital) and DEMAND that they remove these credit check inquiries from your record (this can be done, and do NOT beieve them if they say it can't)

Do not settle for anything less.

I wish you luck - if there's one thing I cannot stand, it's the big banks picking on the little man, just because they can. It could happen to any one of us, so you have my sympathy and my support.

Don't stop until you get what you want.

All the best.

Answer 7

Unless your slow in paying they shouldn't, I'd ask them about it!

Answer 8

capital one does it also

Answer 9

if you can get a lawyer and have them investigated.