![]() ![]() Instead, he had to reach out to Capital One on Twitter. However, the bypassing method is not disclosed on the screen when Capital One requests the information, which could have been useful to Sean at the time he was attempting to log in. When Sean contacted Capital One on Twitter, a customer service representative told him that he was not required to provide that information before he could log into his accounts, and that he could enter “123” into the “Total Annual Income” field to bypass the option. “Having your income information helps credit card companies calculate how much credit they should offer you, and ideally means that you can manage to repay what you borrow.” How To Get Around It “While it may feel uncomfortable to be asked how much you make when you contact your credit card company, credit card companies have a legitimate reason for asking,” Christina Tetreault, our colleague and Senior Staff Attorney for Consumers Union, explains. So again, while this may feel icky, it’s definitely legal - and could actually benefit you in the long run. “We conduct reviews regularly, and ask customers to update their info if it is either missing or dated.” ![]() “It is important that we have current customer information for ongoing account management purposes,” the Capital One rep told Consumerist. They may periodically reach out to them to make sure the information is still correct. “Check yours at least once a year to make sure it’s accurate.”Ĭredit card companies don’t just rely on customers’ past disclosures, however. Federal regulations generally require that credit card companies use up-to-date income information when considering an account for a credit limit increase,” the site reads. “It’s important to make sure that all your personal info is accurate and current. “It would be unreasonable for a card issuer not to review any information about a consumer’s income or assets and current obligations, or to issue a credit card to a consumer who does not have any income or assets,” the rule reads.Ĭapital One notes this on their web site: ![]() To accomplish this, card issuers may consider things like the ratio of the customer’s debt obligations to their income. “A card issuer must not open a credit card account for a consumer under an open-end (not home-secured) consumer credit plan, or increase any credit limit applicable to such account, unless the card issuer considers the consumer’s ability to make the required minimum periodic payments under the terms of the account based on the consumer’s income or assets and the consumer’s current obligations,” states this ability-to-repay rule. Is This Legal?Īlthough Sean felt Capital One was being intrusive, it’s not only legal for credit card companies to ask for income information, they’re also required by law to keep records of that info current: According to federal regulations, credit card issuers have to make an “ability to repay” evaluation when considering potential customers, or when contemplating credit increases to existing customers. “Maybe it was just an error because I have a credit card with them too, but this feels really unethical,” Sean wrote, wondering if it was legal to require that information before allowing him to log in to see any of his accounts. He was frustrated that he couldn’t access his non-credit card accounts without entering something in that field. He said he suspected it had something to do with him having a Capital One credit card, and acknowledged that other financial institutions had asked for such information in the past, but that he’d never seen anything “so intrusive” because there was no option to opt out. That’s what happened to Consumerist reader Sean, who was just trying to log on to, where he has both a savings account and a credit card, only to be faced with a demand for his latest income info: But have you ever gone to your bank’s site only to be told you must update your income with the bank before going any further? By now you’re probably used to going to your bank’s website and being upsold on everything from car loans to mortgages to retirement accounts before you can move on to see how your money is doing. ![]()
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