General Question

lilikoi's avatar

What exactly can banks find out about your employment status and income?

Asked by lilikoi (10079points) September 6th, 2010

Some banks are more conservative than others. While some companies that offer credit cards simply ask you what your income is, others additionally require you to provide the name and contact information of your employer.

Do they actually make that phone call?
I’d imagine it depends on your credit score.

Do they have other ways of verifying employment status and income? What are they? And what kinds of information can they find?
For example, I’ve heard of companies that are hired specifically to dig up this information, but I wonder where the info comes from?

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3 Answers

YARNLADY's avatar

Any professional bank/credit source can find out what ever they want to know about you.

anartist's avatar

They find out what they need to know and they update that information regularly. That is why my credit at some institutions goes up or down with the value of my home equity and with the amount of additional debt I am carrying. They can find out just what you can find out—your credit report and credit rating.

shirleylopez's avatar

Yes, both Yarnlady and anartist are correct in saying that banks can find out everything they want because it is their function. They have to safeguard their interests and one of those is to safeguard their assets. Most banks are members of certain associations that exchange information about applicants or clients.

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