If you’re trying to figure out which credit bureau Amazon use, you’ve come to the right place!
- Most people are familiar with the three big credit bureaus: Experian, Equifax, and TransUnion.
- For those who aren’t aware, these companies compile information about your credit history and report it to other businesses.
- They don’t report all of your debts or credits – only what they see on your credit report, which has multiple sections.
The Difference Between Hard and Soft Inquiries
In order to understand why soft and hard inquiries are important, it’s helpful to first understand what a credit score is and how it works.
- Each time you apply for credit, your financial history is assessed to determine your creditworthiness and thus, your overall score.
- If you’re denied by a lender, that will show up on your report as well.
- The number of times you apply for credit directly impacts how lenders view you—but not always in a negative way.
- As long as you don’t have a hard inquiry on file from an application that was denied (or approved), having multiple applications can be viewed positively.
The Impact On Credit Scores
Some people are under the impression that there is no impact on their credit score when applying for an Amazon card, because they’re not receiving any form of financing. However, that’s simply not true.
When you apply for a credit card from any lender including a retailer like Amazon you can expect your credit score to be impacted. But how much does it change?
First, you need to know how these things work. Just like with other lenders, if you decide to use your newly-approved line of credit (credit limit) and rack up debt against it, that activity will affect your score negatively over time.
What information is requested from third parties?
- To initiate your credit check, lenders request your personal information from at least one of three major credit bureaus. (Equifax, Experian and TransUnion).
- This includes your name, Social Security number, income and job history. The lender also requests financial information about people with whom you’ve recently applied for a loan or credit card.
- The process is automated and instantaneous; there’s no way to stop a lender from receiving that data on you.
- Additionally, when you make an inquiry with a new lender (or even attempt to log into your account), they’ll see that you’re seeking access to new credit resources—and they might make a further inquiry into what type of account you’re looking for as well as how many other companies are currently trying to access your private information.
How long do they keep this information for?
Amazon only holds your credit history for 30 days after you’ve placed an order. If you place several orders in a short period of time, they may have less than 30 days of information.
- So, if you place multiple orders together, your report might be shorter than 90 days. But it is unlikely that you will ever see less than 60 days on your report from Amazon.
- After all, one of their primary goals is to minimize fraud and secure close transactions for everyone involved – including themselves.
They want to avoid loaning money to people who might not pay them back!
How to prevent being checked by Amazon in the future?
Most people who apply for a credit card will get a response within 60 seconds of completing their application, but what most don’t know is that many companies take into account more than just your credit score.
- They also look at your information with different credit bureaus and each company looks at your report differently.
- Each company has its own standards when it comes to deciding whether or not to approve you for a card.
- According to an Amazon customer service representative, they only use one credit bureau; however, they can not say which one because it is considered proprietary information that only employees have access to.
When asked if being marked as a bad card user could hurt your chances of getting approved in future applications, she said no and suggested checking out some forums like kboards where former employees answer consumer questions on a variety of topics.
She was unable to provide additional information about inquiries made by other companies (such as Walmart) or apps (like Venmo).
- In short: If you want to remain unsuspicious to companies like Amazon in future applications, then avoid making impulse purchases outside of your budget until your reports are completely clear.
- And if you already have several bad marks on them then start paying off debt immediately so that all negative marks fall off and do not reapply for another credit card until 12 months has passed from all accounts currently open.
Would it be better if you were getting paid by all three bureaus?
It’s not uncommon for merchants to get paid by multiple credit bureaus (e.g., Experian, Equifax, and TransUnion).
- While it might be tempting to create a separate account with a different bureau if you aren’t receiving payments from all three, it’s probably not worth your time.
- Creating an additional profile will only cause confusion in both your business reporting and internal accounting processes.
The better alternative is to speak with your merchant services provider about why you aren’t getting paid by certain payment providers or banks; they may have tips that can help resolve these issues quickly and efficiently!
- If you haven’t already asked them, give them a call today to see what they have to say!
- Is there a way around it with an account they don’t use often enough or have bad feedback with, but have good feedback overall on the marketplace where you want to sell (feedback doesn’t affect who gets paid at amazon)
NO, does Amazon accept Paypal and not make you have a bank account for selling things: YES. Just go to your bank and ask if they have their own card that acts like a prepaid visa/Mastercard, if so then put x amount of money on it to get access to sellers cash which is what Amazon pays out in. This can also be used on other marketplaces as well (eBay, OfferUp, LetGo).
- So you are saying that Amazon does not matter what credit bureau you pull information from because amazon accepts PayPal for payments?
YES.
