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?
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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