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denial of credit for invalid reason


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Long story short as I'm still on my credit repair journey but I had occasion recently to open a new checking account & as part of that account I guess they automatically extend LOC for overdraft which I knew I would never be approved for & I wasn't.

However, the denial letter confuses me. They said they used EQ & I was turned down due to collection accounts & public records. And then they listed some other vague excuse about past delinquent accounts.

Now here is where I'm very confused as I know sometimes they have very generic/weird turn downs but EQ is currently my best report of the 3 CRA. I've gotten the most stuff wiped off of it & currently as of 2 days ago there were NO collections & NO public records showing on this at all. So why would they use that as a denial & where would they have gotten that information?

This goes back to a question I asked in another thread. If they are pulling my CR & getting a FICO score then they may not be getting the most current version of my report because the last 2 times I pulled FICO scores & got a CR with the score my report showed info that was not even on my CR with the actual CRA anymore. Why are they so far behind in updating & how can I make sure that people are seeing the correct current info & getting an accurate FICO?

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I would contact the bank directly and ask them if they actually pulled a report. Tell them about your recent copy not showing any such collection accounts or public records and ask to see the report they pulled (they probably will not be able to show it to you). But the point is, you need to find out the source of their misinformation. You may even want to pull your own Lexis Nexis record to see what is showing there.......

As to the FICO score - they could be pulling a report from a different company that uses a different "FICO" scoring model. The scores vary from model to model.

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Thanks I have gotten in touch with them & hope they will listen to me. Their denial letter, of course, refers me to EQ but I did as they suggested & the EQ CR I pulled shows no judgements & no collection accounts. So if they are denying for that then I don't think that's valid.

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Are you getting these reports all through the same mechanism? In other words, are they all through EQ online, were some of them printed and mailed to you, or were some EQ reports from myFICO.com?

The reason I ask is that there are half truths and misleading statements buried in the online terms and conditions for both EQ and myFICO. In the fine print of both it clearly states that the reports you obtain online are not intended to be compliant with the FCRA. In other words, the may be incomplete or out of date.

If you got stuff "wiped off" through bumpage...that's completely bogus. It don't work that way.

Its possible your new bank got an actual and accurate report from EQ. The only way you can do that is to request in writing via a letter.

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