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PotO

Strange Series of US Bank Soft Inquiries

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4 hours ago, PotO said:

 

Can you imagine -- richardheads call you and harass you for a debt that never existed ....

 

omg ... that's a 45 year flashback (f**k, I feel old suddenly!!).  Had a friend in j-hi who was fond of the euphemism "richardfish" ...

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14 minutes ago, hdporter said:

 

omg ... that's a 45 year flashback (f**k, I feel old suddenly!!).  Had a friend in j-hi who was fond of the euphemism "richardfish" ...

 

Ya have to be creating to beat the CB censorship.  :)

 

That and give Marv something to do.  😂

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Update:  Just got a response from US Bank regarding my CFPB complaint.  Surprisingly, US Bank's response made sense.

 

It appears the FCRA does allow credit bureau inquiries on an account review basis for bank accounts.  They quoted 15 U.S.C. § 1681(b)(a)(3)(F)(ii).  Further research shows that this does allow permissible purpose for certain bank accounts such as savings and checking.  
 

I am surprised.  I don't really see the logic much less the need for this, but it is perfectly legal.  It does make you wonder whether they will close your accounts if you have credit problems.  I mean, if you can't pay, for example, Sears, will US Bank close your bank accounts?  Strange.

 

Well, you learn something new every day.  I had called US Bank several times previously to inquire about this before making the CFPB complaint and even their credit bureau people didn't know why they'd place the AR inquiries.  Guess they learned something, too.

 

Indeed interesting.  

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17 hours ago, PotO said:

Update:  Just got a response from US Bank regarding my CFPB complaint.  Surprisingly, US Bank's response made sense.

 

It appears the FCRA does allow credit bureau inquiries on an account review basis for bank accounts.  They quoted 15 U.S.C. § 1681(b)(a)(3)(F)(ii).  Further research shows that this does allow permissible purpose for certain bank accounts such as savings and checking.  
 

I am surprised.  I don't really see the logic much less the need for this, but it is perfectly legal.  It does make you wonder whether they will close your accounts if you have credit problems.  I mean, if you can't pay, for example, Sears, will US Bank close your bank accounts?  Strange.

I believe it was Chase that established a pattern of closing checking and savings accounts down for non-financial reasons, most notably felony convictions.  They were even doing this with investment accounts.  Seems to me there was another one of the mega-banks that was doing the same sort of "reputational risk" closures, but memory escapes as to which one...

 

My guess is that they choose to close before they have to deal with the risk of attachment documents being served...but they have to review EVERYONE in order to provide their defense to the inevitable claims that would be raised that they were profiling their customers.

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