Why do you pull credit for new account applications?

When opening an account online, under the requirements of the Patriot Act, all financial institutions must do an identity check on any new member. We use member identification programs to compare your name, address, date of birth, and other facts to the information contained on your credit report. Your credit score is not impacted by this security measure.

Regulations require financial institutions to implement reasonable procedures for:

  • Verifying the identity of any person seeking to open an account, to the extent that is reasonable and practicable.
  • Maintaining records of the information used to verify a person's identity, including name, address, and other identifying information.

Credit Union 1 also reviews ChexSystems and sometimes credit report data during the process of determining if a member qualifies to open a new account.