Fair Credit Reporting Act?
US Cutie asked:
Hi,
I’m 22 years old and I don’t work (i’m an online student) and I live with my parents. 3 days ago I tried to open a basic bank account online(MyAccess Checking and Regular Saving), and they ask for minimum $25 for each and I paid them by my father’s Credit Card. They said you’ll receive an e-mail withen 1-2 business days. I received an e-mail today saying that “We are unable to open your account(s) at this time. Our decision was based in whole or in part on information obtained in a report from a consumer-reporting agency. Under the Fair Credit Reporting Act, you have the right to access the information contained in your credit file at the consumer-reporting agency.”
Hi,
I’m 22 years old and I don’t work (i’m an online student) and I live with my parents. 3 days ago I tried to open a basic bank account online(MyAccess Checking and Regular Saving), and they ask for minimum $25 for each and I paid them by my father’s Credit Card. They said you’ll receive an e-mail withen 1-2 business days. I received an e-mail today saying that “We are unable to open your account(s) at this time. Our decision was based in whole or in part on information obtained in a report from a consumer-reporting agency. Under the Fair Credit Reporting Act, you have the right to access the information contained in your credit file at the consumer-reporting agency.”
Why is that? I don’t have anything wrong because that’s my first time to open a bank account and it’s my first time to use my name.
The Federal Trade Commision webside – Facts for Consumers saying that “Under federal law, you’re entitled to a free report if a company takes adverse action against you, such as denying your application for credit, insurance, or employment.”
I’m not applying for anything of these. Why my application was denied?
Thank you!
I forgot to mention that it was Bank of America.
Thank you!
Dean
January 21st, 2010 at 10:01 am
Tammy
Your application was likely denied because they see you as a risk. Online banks would tend to be suspicious of people with absolutely no credit history, since such a person could be opening the account for a fraudulent reason.
January 23rd, 2010 at 1:46 am
Jacob
You have no credit history. You best bet is to open a savings account at a local bank. after you have, oh say, $1000 in it open a checking account. Using the account will give you a credit history.