I would like to freeze my credit reports to prevent identity fraud, but my existing CDaccounts have language on them that the bank has the right to check my credit information indefinitely, and can cancel my CD at any time if such information is unavailable.
What can I do? Why are the banks allowed to demand continuing access to my credit info when I am lending them money? Are these clauses in the CD agreements actually enforceable?
Please don't tell me the banks are too nice to enforce these agreements. I want to know what they can get away with in the worst case scenario, not what they may choose to do to preserve good relations in the good times.
Why the bank feels it needs access to credit reports when all it is holding is a CD account, is uncertain. Contact the bank and explain what you are trying to accomplish. Then ask the bank to release to you in writing from the ongoing credit report requirement.
The credit record freeze laws vary a bit from state to state. In most cases, existing creditors continue to have access even to frozen records; only new inquiries are turned away. You should check on the rules that apply to records of consumers in your state.
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Why the bank feels it needs access to credit reports when all it is holding is a CD account, is uncertain. Contact the bank and explain what you are trying to accomplish. Then ask the bank to release to you in writing from the ongoing credit report requirement.