Paypal running credit reports

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  1. How do you find out what type of PP account you have. Read an update on PP site today that if you have Premier of Business that starting in Feb they have the right to run a credit report on you if you have a certain amount of chargebacks or various activity.

    I rarely sell on eBay anymore but I don't like the idea that PP can run a credit report on me w/o my permission or knowledge.

    Thanks.
     
  2. I definitely don't...I have a Business account. I think I'm going to contact them. Thanks for the heads up!
     
  3. wouldnt they need your social security # for that
     
  4. OMG! I read that in another forum on another site...and I didn't believe that. Then I come on here and you lovely ladies educate me again! Gosh...I feel like a dodo lost in a purse heaven! :smile:

    That is crazy...I have a premier account. I hope they don't do that. I'm on trying to get a house soon and don't want all those inquiries hurting my rating or whatever you call it! :sad:
     
  5. If you log on and go to the "What's New" link on lower left side you can read the update. How do you know whether you are premier. I know I am not business.
     
  6. When you log in, check your 'My Account Overview'. It should have the following information:

    • Welcome, your name here (your email address here)
    • Account holder since XXXX
    • Account type: XXXXX (premier; business; personal)
    • Status: Verified (XX) - if verified
    I'm not happy about the new policy allowing PayP to run my credit report, and OP, I thank you for letting us know about this, because frankly, I never check the 'what's new' info. on PayP!
     
  7. Wow. News to me, that's for sure, and I have a Business account. Sux!!
     
  8. Thanks - I'll take a look
     
  9. Maybe this is a dumb question, but what does that really matter? Does it make them more liable to freeze your account? Or does paypal activity contribute to one's credit report/score? I'm kind of confused why it matters.
     
  10. I just wrote up something similar for Google (they want my social or they won't release my money until the 1st of NEXT month, but everytime someone runs your credit it lowers your score. You don't want anyone running your credit at whim because too many inquiries makes it difficult to get credit.
     
  11. Here's what the Policy Update says. I do have a Premier account & while I mostly use it to buy vs. sell it is broad enough that it almost gives them ability to run account no matter what the circumstances are. I wonder what the downside is to downgrading to a regular account.

    Amendment to the PayPal User Agreement

    Effective Date: February 11, 2009

    Beginning February 11, 2009 the PayPal User Agreement is being amended as follows:

    1. A new section 2.4 is added to the PayPal user agreement. The new section will read as follows:


    "2.4 Credit Report Authorization for Premier and Business Accounts.

    If you open a Premier or Business Account, you are providing PayPal with your written instructions to obtain your personal and/or business credit report from a credit bureau.



    PayPal may obtain your credit report: (a) when you open (or upgrade to) a Premier or Business Account, or (b) any time thereafter if PayPal reasonably believes there may be an increased level of risk associated with your Account.



    An increased level of risk includes, but is not limited to, a high number of chargebacks or reversals, or suspicious activity associated with your Account."
     
  12. I would never give them my ss#
     
  13. But how do you downgrade? Because honestly, I have no idea how I upgraded to a premier account in the first place. I opened my account in 2005 as a basic account and at some time I became premier and verified with a score. (I have no idea what the score means). Is downgrading even an option?
     
  14. They ran my credit when I upgraded my account to a business account over a year ago. They view it like a bank would a merchant account and banks run your credit for those too. I know the inquiries are a pain, but if it helps combat fraud and scamming then I'm all for it.
     
  15. Can they legally enforce that retroactively? Since it says there, "... if you open a Premier or Business account, you are providing Paypal written instructions..." Since we didn't provide written instructions to do so when we opened the account, can Paypal do that?