Why does well fargo like pulling credit reports so much?? I opened a checking account and filled out a credit card application on the same day, and they pulled my report twice. Now, I understand asking for credit requires a pull to see what my credit profile/history is about. But why would they, or any other bank, need to pull someone’s credit for a checking account??
Banks often claim the Patriot Act as the reason they need pull credit for any bank account, but the act only says that the bank needs to verify someone’s identity. It doesn’t say anything about needing a credit report for it. To verify someone’s identity, can’t you just use a copy of a person’s drivers license? Or if that’s not enough, how about a passport?
And the kicker on all this, I’ve already got a credit product with Wells Fargo. If I was good enough for them to extend my credit a couple of months ago, why do you need a new credit report now?