Can The Credit Bureau Do This?
I recently received a letter from one of my major credit cards telling me that they did an inquiry in my credit, and because of my high balance revolving line of credit, they have reduced my credit line. They got the information from Equifax. My question is can they go back ,after years of already being accepted for credit, and search into my credit without my permission?
i answered you other question.....km
Quote:My question is can they go back ,after years of already being accepted for credit, and search into my credit without my permission?
On an "open account" like a credit card, where you could go out and charge more, the answer is yes. However, if the account is closed and paid off, they have no permissible purpose (however, often account reviews are pulled on closed, paid off accounts, and there's an easy $1k if you want to sue for it).
For a closed-end account like a mortgage or car loan, the answer would be no, as long as you had been current on your payments and insurance. If they pull under those circumstances, you can sue them and collect $1,000 for lack of permissible purpose to pull.