pdl companies trading info

That is completly against the law for one company to pass your bank info to another. If this has happened to you, I suggest you file a complaint immediatly with everybody...Attorney General, Federal Trade Commision and even a fraud report with your bank. There is also noway they can get your new account info without you giving it to them.

thanks for your reply.
It has not happened to me, but i was fearful about it.
I am glad to know that it can not be done,'However , these people are so untrustworthy, i hope they dont try to get info any way possible

It can't be done, but it does happen. Especially if another pdl has your new account info. Even if you just applied for a pdl and were denied, they may be an affiliate with a pdl company you owe, and they will share the account info so that the company you owe can hit your account.

Most of the pdl companies are related. They do share and trade info on customers.

There are quite a few people that have opened new accounts years later, then suddenly they are hit by a pdl they had years ago. Who knows how the pdl got the account info, but they did.

Another thing the pdl's can do - Check your chexsystems report. If you open a new account at a bank that uses chexsystems it will show as an inquiry. All the company has to do then is show a copy of the contract you signed to the bank - with the clause that give them permission to debit any account you may have, not just the one you used to take out the loan (and most pdl's do have this clause in their contracts) and bam! Your account is hit.

There's also skiptracing, a process used to track down information about you.

Goudah
What should i do? I just opened my new account at a different bank , and i am not sure if i gave the account # out to any pld companies
HELP

I have dealt with about 17 PDL's and all of them I closed my accounts and opened new ones and none of them tried to debit my other accounts. With all of those 17 accounts I don't remember reading that statement in any of my contracts...maybe I just got lucky. So I guess with that said, maybe you can try and send them revocation letters stating they are not allowed to debit any of your accounts...just to be on the safe side.

That's just one more thing to show how sneaky these companies can be. That's one mistake tons of people do and that's not reading the contract from top to bottom and word for word.

Goudah,
Does that clause only apply to accounts at the same bank? It they open an account at a different bank then they shouldn't be able to make the debits...right.

If you are not sure if you gave this info out to a pdl company, i would not put all my money into this account. Really, the best thing to do if you think a pdl may have the account info is close the account.

And be sure not to give out your account information to any pdl's in the future.

Please read this thread - it doesn't totally apply to your situation since no pdl's have actually debited the account, but it may be a good idea to at least warn the bank that some shady companies may have your account information . . . .

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Nope, the wording says something to the effect of "after defualt, XXX authorizes Stupid PDL to debit any account that they are a legal signer on. This authorization cannot be revoked until such time as your loan is considered paid in full."

This gives them legal rights to debit any account, even future accounts. Now absolutly an argument can be made that this can be revoked. I know this clause was in almost all of my pdl contracts, but if any pdl were to try to hit my new account, I would dispute it in a second.

I think it's pretty rare that the pdl companies actually take the time and effort to search out someones account information. I think usually it's when someone applies for another pdl with the new account information that they old pdl gets it. But I have read posts where people swear they didn't apply for anything with the new account info, and a pdl still got it.

zanzibar - you aren't sure if you gave our new account information to a pdl or not? If you're not sure, do as advised and get another account. As goudah said, you can just not put money in your "existing" account or you can close it all together. But, if you're not 100% sure you did NOT give this new account to a pdl, then by all means, close it. Like she stated, if you apply for a pdl and come across on that is a "sister company" or "affiliate", they will then have your information. If you're questioning yourself about whether you gave that information out or not, take the safe way out. Open a new account, and please do NOT give that information to anyone.