Other Credit Managers report that banks are charging to provide bank experience. In this day of customers maintaining zero balance checking accounts, knowing that your customer maintains a low 3 or 4 average balance may not provide the whole story. Because what the bank doesn t tell you is that the bank shifts money from one account to another when the need arises. On accounts where larger lines of credit are extended, the best way to obtain banking information is to contact the bank account manager or the bank lending officer in charge of the account. Once you reach these individuals, you definitely need to keep your ears open and be ready to question what they are saying and also ask the right questions.
Banks generally require more security on higher risk accounts.
It is hard to get this much information, but if you get this far, try for more, including financial information or how the customer is doing financially. It is rare that you will get this information, but on a marginal account, there are times that you must require it before extending credit. Sometimes the only way to get the information is to inform the banker exactly where you stand that unless you can obtain full bank information, your ability to approve credit will be limited. Be careful on this one, as you only want to mention this when you really mean it. The Credit Club is now able to provide 3 new types of Consumer Credit Reports.