I have applied for deposit accounts at two major credit unions and quality for membership. But, neither of them will accept me while my credit report is frozen. I am not or do I intend to ever apply for a loan or credit, just want to get the better interest rate on CD s. Is this just marketing? Is it illegal? I won t unfreeze my score if I am not applying for credit.
oklatom
Because your credit report is frozen. Since it is they can not do so. You can unfreeze it, or not get an account. Your choice.
David 14
They want to pull a credit report and the freeze won't let them.
StephenWeinstein
They use credit reports for identity verification. They don't need to know your credit score, but they do need to know that you are whom you claim to be and are not stealing someone's identity.
DON W
I guess I don't understand your reluctance to temporarily unfreeze your credit reports so that the credit union can check it. Unless you are trying to hide something, it should be a relatively quick process, after which you can lock it again.
Shay
Because if they can't check your credit history, they won't open an account.
Even though they are not extending actual credit to you, if their policies include checking a credit report before opening an account, then it is their policy and they have every right to refuse to open an account for you until they can check your score and credit history. This type of credit check would be considered a "soft pull" and would not impact your actual credit score.
It is perfectly legal. There are also a few other situations that could refuse service to you based on not being able to check your credit reports. If you try to rent an apartment or house, many landlords do credit checks also. You could be refused an apartment just because they couldn't check your credit report.