HSBC Watch News Release Forum Index
Forum Name: - Impact - Survival
Topic Title: HSBC NV checks my credit every month!
Sun Aug 14, 2005 7:01 am
I just checked my credit report, and HSBC NV checked my credit in March 2004, April 2004, May 2004, July 2004, August 2004, September 2004, November 2004, December 2004, January 2005, February 2005, and May 2005.
I don't know how they got my Social Security Number or why on earth they are checking on me almost every month, but I would like to make it stop RIGHT NOW! I have no accounts with them and will never apply for an account with them.
I am so grateful to you for your service and for your concern. Please help!! Thank you ~
Sun Aug 14, 2005 8:24 am
You need to look at your credit report to identify every finance company by name and confirm that there is a valid account. If you have any private label financing that shows HSBC/RS (There are more than 60 merchants), HSBC NV may be checking your credit as the end finance company or under their affiliate programs.
If that doesn't clearly identify an account do some more research.
Did H&R Block do your taxes in 2004, if so did you apply for a RAL/RAC product?
Have you applied for a mortgage through a broker? (The broker takes your information and finds a lender.) Do you have a mortgage? pre-existing mortgages are sold to different financers and servicers frequently.
The same goes for credit cards, merchants have sold their receivables to different service providers. If you have an account with no balance, you may not notice the change.
Did you shop for a car, join a fitness center, change insurance companies, take advantage of a discount because you applied for credit, etc?
Your credit report should include information on how your information is shared in their privacy statement. The privacy statement should also contain the information for how to Opt Out. You will need to write (sometimes a call will work) your credit reporting agencies to Opt Out. That should limit the amount of information that is shared in the future and stop some random checks unless you approve them first.
The finance company for every account that you have, must send you an update of their privacy information annually. This will contain their Opt Out information. Many will have privacy statements at their websites. This may contain the information you need instead of waiting for the annual notification and update. You must Opt Out to the lender for each account.
The Opt Out statements give 3 options. Read carefully and select the best one for your needs. Beware, because the language is vague and redundant, and the choices are not always clearly written. It would be nice if they simply stated: SHARE, SHARE WITH LIMITS within the main finance company, and DO NOT SHARE.
Most lenders (especially unsecured credit) check your credit report routinely. If there are changes in the pattern of credit or any reported late payments, they will use the information to raise interest rates. This is disclosed in their card servicing agreement.
Because HSBC/NV, considered buying your account or mortgage, they qualified by that definitiion to check your credit one time. If you have no account with HSBC, they do not have the right to persist in the credit checks.
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.