Question on opening a broker account.

[WestCoastWilson]

Hello Everyone,

I was curious to know if the average online broker will pull your credit report when you open up an account? :confused:

Wilson

[aiki14]

Hello Everyone,

I was curious to know if the average online broker will pull your credit report when you open up an account? :confused:

Wilson


I don't think so, and I don't recall signing off on that, even for a margin acct. It has however, been a while, so who knows if they do that now.

[wallstreetsedge]

actually, they do look up your credit report for a few reasons, first to qualify you for margin and level 4 options if you ask for it... and they do a background check just to make sure you arent an identity theft victim. another interesting fact is wall street has their own version of a credit system where if you reneg on money thats due, it goes into a log that all brokerages share.. kind of like the chex system

[WestCoastWilson]

Thanks Aiki14, and Wallstreetsedge!

Wallstreetsedge, that is what I was pretty much thinking, however I did not know all of the extra stuff that the broker checks before opening an account. Yet with all that you outlined, it makes very good sense . . . especially with identity theft on the rise.

Plus that sure was a good fact to know, as I did not know that wall street has their own version of credit system. (kinda like Chex System) WOW!!! "Live and learn as they say." LOL!!!

As always you two, thanks a MILLION for your help! :top:

Wilson