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?
Hi Ankur-
I’m the VP of Customer Advocacy & Loyalty, with Wells Fargo’s Internet Services Group. I appreciate hearing your concerns about your credit report being pulled for a checking account. Because deposit accounts have risks, we need to gather certain customer information before opening an account. I realize you opened a credit product a few months earlier, but it is possible that significant changes to a credit profile could pass during that time. If you want to discuss this more, feel free to email me. Sincerely, Kimarie Matthews
Thank you for taking time out to respond to my concerns. If what you say is true, and the credit pull is to assess risk in opening a deposit account, I have a suggestion for your disclosures. When I opened the account over the phone, the disclosures I was read made it sound like the credit pull was to verify my identity. Even if you look at the website, the disclosures say nothing about using the credit pull to assess risk levels. If that wording was included, it would cut down on confusion and make it easier to understand why a credit pull is needed for a product where the customer is giving the bank money (in fact in this case, I should be allowed to run a “credit report” on the bank to assess my risk exposure to the bank!)
That is an excellent suggestion. I will share it with my colleagues who design the application experience. -Kimarie