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Arvest Bank pulls CR for commercial account


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Yesterday I opened a commercial account with Arvest Bank. All the usual stuff, LLC papers, State papers, tax ID, etc. And they looked at my DL and asked for my SS#. Nothing unusual post 9-11.

Last night I checked my PG report and low and behold a hard inquiry on my EQ report.

Not that I realy mind but it droped my FAKO by 3 points and I haven't had any other inquiries for over 6 months. :(

My question is: They never said they where going to pull my credit and I don't remember signing anything that said they would. Did they have PP to do this?

I haven't had a chance to get to the office to read all of the documents they gave me.

I have opened other commercial accounts and have never had them put my credit.



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I took a while to respond because I was thinking that maybe the banks don't have to "verbally" state that they are going to check your credit. I'm wondering if that statement is in the bank "all-in-one compliance poster" that you see in the lobby. (You know, the one with the Equal Housing Lender disclosures & Community Reinvestment Act disclosures, etc.) Wells Fargo just recently added info in regards to the USA Patriot Act onto the poster (I forgot what it said).

Just by coming into the bank, you are agreeing to the terms stated in the compliance poster and it may be there, that the bank states that they have the right to pull a credit report to verify identity, etc.

BTW, I've always been told that these pulls are supposed to be a soft or passive pull - but they've been wrong before. :lol:

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Today, everybody and their grandmother wants to check your credit.

And you have to ask regardless of what kind of transaction you are doing.

Some banks check your credit and others don’t. And this may not necessarily be a new thing. I remember almost ten years ago talking to a former bank vice president who did not want to rely solely on CHEX systems and wanted EVERY new account to be checked for credit. However, her bosses refused to go along with that idea.

And how long does it take to say:

Are you going to check my credit?

Some people have lied to me before in the past. Like the rep for ADT when they set up my home security system told me a boldface lie. I called up the local office and their manager said that they check EVERYONES credit.

Now I have modified my question:

Are you going to check my credit? Are you sure that you are not going to check my credit because if your company does check my credit, I am going to cut your nuts off.

It is amazing the kind of double-checking that happens after that.

But it all boils down to this. Do you want to be a victim or do you want to be an empowered consumer? A lot of people would rather whine and cry about how unfair it is instead of becoming a wiser and more assertive person.

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