Hi All!
My question will be vague because I don't want to divulge any sensitive information. But basically, I don't want to do any shops that require credit checks. I have excellent rating and I want to keep it that way Most of the time you are not informed if the shop will require a credit check. I think they might be doing this because they know that people will not want to have a credit check done. Who knows.... But anyway, can you all share which types of shops require credit checks? For example, would a car test drive require a credit check? Would a mortgage product information require a credit check? Would investment product interviews require a credit check?
thanks for helping

In my experience (so take it for what that's worth lol) there is always a way out of having them run your credit or even getting your real name. I have done 5 bank-related shops so far and have always given all false information i(name, address, etc) because I do not want them recording anything about me or trying to look me up or whatever. I have never had an issue. From the jobs I have seen posted, they will say "you will be applying for a credit card and making a purchase with it" or "applying for xyz" . The dead giveaway will also be the $200-$300 shop fee as well since they know you will take a ding on your credit for the shop. I, like you, do not take shops where I need to have my credit run. I did one test drive last week and only had to give my real name and address because they photocopy your license when you do the test drive. Otherwise, you can always find a way around giving sensitive info, without compromising the shop.

Work on the assumption that whenever you give out your SSN to a business you will have a credit check. So checking on a car at a dealership where you take a test drive will not entail a credit check unless you begin talking about financing. This frequently will come when you are haggling the price and they 'need to talk with my manager'. Avoid the problem. Don't give out your SSN.*

If you are opening a bank account you will need to give your SSN**. Otherwise you cannot and should not give out your SSN. I have had both Chase and BOA ask for a SSN when we are just discussing an account. With Chase I aborted the shop because the banker would give me no information without it. I reported what happened and was paid.

Insurance shops want a SSN to check if you are a good risk. Don't give out your SSN*

I haven't seen them lately, but there was a cell phone shop where you were supposed to contract for service and then return the phone and cancel the service within the 'trial period'. There is no way you can do this shop without a credit check being done.

*Here is my 'how to' for not giving out my SSN. I know that my credit score fluctuates normally between about 810 and 830. I have a Discover card that I do at least one transaction per month so that it prints my score on my monthly bill and there is nothing on that bill that shows my SSN. My first approach with a car price haggle or insurance shop is to say, "I know I have good credit and that my score is over ________. Based on that, can you give me a quote/price? If I like the deal you are offering I will hold you to that quote/price only if when you actually do check my credit you find it is approximately what I am telling you it is." I may even show them my most recent Discover statement showing my score. If they won't cooperate to get the sale, I abort and report.

** Most banks and credit unions use a system that is interior to the banking system to check potential customers. My understanding is that it shows if you have bounced checks at other banks with any frequency, closed out an account leaving a debit balance you have never repaid, etc. That is not true of all banks and credit unions. I was stunned when I reactivated a checking account that had gone dormant at my credit union. The guy started putting in information and was sort of taken aback. He turned to me and said, "I've never seen a credit score as high as 832!" I assume that as an existing client that check of my credit did not count as a 'hit'. Anyway, if you have to open an account with a shop, explain that later in the year you are going to need to replace a car (or plan to buy or refinance a house) so ask if they can open the account without doing a hit to your credit (again, I would have a recent Discover statement in my purse). One banker told me that they could open a savings account with no credit check but would have to do a credit check for a checking account. He advised that I open a savings account this week and then in a month I could open a checking account as an 'existing customer' and they would do no credit check. It is up to YOU to let folks know that you care about your credit standing and don't want them hitting it until and unless you actually are going to do business with them.

You do have one thing backwards, shops requiring a credit check will almost always state so in the guidelines and often in the job posting. They are actually a rare requirement. MSCs usually want shoppers to know upfront because so many do object.

That is not to say you won't end up in a situation on a shop with a sales associate asking to run your credit. Never give permission and never, ever, ever give them your SSN for things like new car shops. If an assignment may require your SSN guidelines will tell you. If you have any concerns on those shops, address them with your scheduler right away. The requirement might be one that can be waived or you will be able to bow out of the shop.

In my reading here over the years, some shoppers are unprepared when an associate asks for their name, a DL or a SSN. Being familiar with your guidelines will prevent you getting caught off guard. When you take a test drive or view an apartment the target is required to get your DL. When you go to a cell phone or bank shop they aren't. Some sales people are aggressive so we have to be assertive in turn and not give them anything they don't need regardless of their insistence.

Hahaha. We cross posted on that one. Hopefully I didn't repeat too much of what Flash said

And luckily we seem to be past the stage where schedulers told you it was 'ok' to let places run your credit because 'we will have it backed out'. Sure, sweetie. When it takes 6 months or more to get a company off your credit report that you never heard of and that has no locations anywhere in your half of the country, getting a hit to your credit report backed out is highly unlikely.

@LisaSTL wrote:

Hahaha. We cross posted on that one. Hopefully I didn't repeat too much of what Flash said

Perhaps some things are better said twice from two different standpoints.

Great thread, the only thing I would add to this is that banks and credit unions do actually need your SSN when you sign up for a new account. I don't know if they run it against any databases (maybe the pre-qualification check that doesn't show up on your credit report), but they need it for submission to the terrorism database. It's a post 9/11 requirement for shops in the US. Every bank account I've opened in the last 10 years or so has required it.

If you're just inquiring about a new account, I'd refuse to give it, but if the shop actually wants you to create the account, you'll need to provide it to the bank.

Good addition since I was just thinking in terms of inquiries.

The banks always needed a SSN when you opened an account so that they could 1099 you for interest earned or send you a statement for interest paid on Mortgage related products. The Patriot Act from 9/11 wants a photo ID and usually a second form of ID as well to prove you are the person opening the account or with signature on it.

Edited 1 time(s). Last edit at 08/06/2015 08:57PM by Flash.