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How Much Does A Credit Card Company Know About Your Other Accounts?
Old 09-22-2022, 05:38 PM   #1
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How Much Does A Credit Card Company Know About Your Other Accounts?

The other day I called BOA to activate my replacement card and was transferred to the customer rep in the sale department. While activating my card, she said, "oh, I notice that your revolving balance is $xxx. Would you like to transfer that to your BOA account to take advantage of our low APR?"

I had no idea what a revolving balance is, so I asked her. She explained that a revolving balance is the cumulative outstanding balances of my other, non-BOA accounts, such as other non-BOA credit cards, car payment, etc., etc. Apparently BOA has access to this information and it is updated frequently via some sort of external interface.

I was surprised and a bit dismayed that a credit card company such as BOA would have access to my other external account balances. Based on this, I assume that other credit card companies also have access to the same kind of aggregate account balance information, and they share this among themselves as well as with major credit bureaus.

Anyone else knows anything about this?
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Old 09-22-2022, 05:45 PM   #2
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My understanding is all the credit card companies have access to all the credit bureaus and this is how they know that information. Most types of debt, whether you maintain a balance or not, are all listed on your credit report.
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Old 09-22-2022, 05:46 PM   #3
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When I check my credit report with any of the 3 reporting companies, each of my credit cards most recent monthly balance is there to see. Credit cards report this each month and no doubt other banks have arrangements to access it. Your data is a product for people to buy.

They also report your available credit. This ratio of credit used to available is a big part of your credit score.
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Old 09-22-2022, 05:48 PM   #4
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My understanding is all the credit card companies have access to all the credit bureaus and this is how they know that information. Most types of debt, whether you maintain a balance or not, are all listed on your credit report.
That part I understand. But in this case they are able to track outstanding balances from other accounts and this aggregate balance is updated frequently. This additional detail I did not expect.
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Old 09-22-2022, 06:13 PM   #5
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That part I understand. But in this case they are able to track outstanding balances from other accounts and this aggregate balance is updated frequently. This additional detail I did not expect.
Yep, all your accounts are usually reported monthly to the credit bureaus and they know everything if it is on that credit report. Who it is with, how much is your credit limit, how much is your balance, have you been late making any payments, how much of your limit are you using, etc, etc, etc.
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Old 09-22-2022, 08:03 PM   #6
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Everything.
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Old 09-22-2022, 11:33 PM   #7
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I get my weekly credit report from my Chase account. They list ALL my credit cards and the current balance. If I had a an auto-loan, that would also show up there.
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Old 09-23-2022, 12:19 AM   #8
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Everything.
Yep, looks like it
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Old 09-23-2022, 06:49 AM   #9
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All financial institutions have access to all the details of your Credit Score and all your debts and credit line to the last detail. They know the balance every month.
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