Posts by Jerry Jackson12

Has anyone gone through the pre-approved loan process via JPMorgan Chase's online banking? Do they actually run a check with the Red Cross?

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Yeah. I caught some report somewhere—maybe an official update or just some news blast—arguing that having two separate registries tracking essentially identical data is redundant. The idea is that everything should just be consolidated into one centralized federal database.

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Daniel Torres said:Nah, you actually had to sign a physical form for HROK.
With the IRS or a credit bureau, that’s not even necessary. Once you hand over your info to a contract partner—like Chase or a major credit card company—you're basically giving them the green light to dig through your records at the IRS and the credit bureaus themselves.

So... once the DOR is finally shut down, does that mean the rules of the game are actually going to change?

darkmaker94 said:They’re allowed to, and they do it. They don't even need your permission anymore.

"Processing your data through the DOR system is based on our legitimate interest—as well as the legitimate interest of all users (per Article 6(1)(f) of the Regulation)—to evaluate whether clients can actually pay back what they owe. This helps us minimize or avoid bad loans and overindebtedness, which is just part of managing credit risk, one of our main regulatory requirements.
...
An inquiry into the DOR system can only be made in these specific scenarios:
a) before signing a new credit or financing agreement or when modifying an existing credit or financing agreement
b) during periodic monitoring and credit risk assessments for clients who already have an active credit or financing agreement."

So, here's the deal. Did you guys just copy-paste this straight out of some Chase terms and conditions or the DOR regulations?

Is the situation at HROK the same?

rapidskipper12 said:Yeah, unless you're actually one of their clients. If you are, they can see everything.

But if I am—they only see what I’ve submitted to them... they don't need HROK or DOR for that.

To verify anything outside of Chase, you need HROK or DOR—so my question stands: are they legally allowed to pull that data without our explicit consent?

rapidskipper12 said:Just keeping an eye on the DOR (blacklist). Because of the DOR, all credit offers—revolving cards, personal loans, everything—are totally blocked. As for the HROK, I haven't a clue.

Hmm. Shouldn't they actually need our consent before pulling our credit report or checking with the FTC?

Which bank are we talking about?

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Nice

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Regardless of whether the average rank starts dropping?

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Has anyone else noticed if their banks updated their overdraft limits following the COVID fallout?

I’m currently using an OTP account—and based on what I've been reading in the news, it seems banks have tightened things up a bit due to the crisis. Even the Federal Reserve is suggesting more flexibility to ensure the burden doesn't fall too heavily on the consumer.

My paycheck took a 20% hit recently, so now I'm wondering—will they slash my overdraft limit too once they start processing everything?

Thanks.

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We’re still waiting on the code of conduct, still waiting on the legislation... it’s not happening before the year wraps up.