Originally Posted by
DaveInLA
So does the bank always have to tell us when we're getting a HP?
Yes, because they need your consent.
Originally Posted by
jsk1973
There are people who will argue otherwise, but an existing creditor can basically pull your credit whenever it wants.
Yes in a limited way (SP), authorized under 15 U.S.C. § 1681b(a)(3)(F)(ii):
...to review an account to determine whether the consumer continues to meet the terms of the account.
Originally Posted by
jsk1973
Most will notify you as a courtesy before pulling your credit for something like a CLI or reallocation (or recon), but strictly speaking, such notification doesn't seem to be necessary as a legal matter.
It is absolutely necessary and not a courtesy.
A consumer reporting agency is not allowed to disclose your report without your consent. This is why banks need to let you know they will do a HP. Without letting you know, both banks and the consumer reporting agency can get into big troubles.
This is why usually you will be transferred to a "specialist" so that you can be handled properly.