Comments on: Buying Stocks Online, Do All Trading Sites Check Your Credit Report?!!?

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By: zyberian

zyberian — Sat, 11 Jul 2009 02:59:49 +0000

i’m with scottrade and I can’t recall them doing that either but I looked and sure enough they do (though I signed up at one of their offices) I haven’t seen it anywhere else but all of them asks for your ssn so they may do a check without you knowing it.

By: The Iconoclast

The Iconoclast — Sat, 11 Jul 2009 02:59:49 +0000

I’m not sure exactly why either, but I’m willing to bet it’s for approval to trade on margin. Margin calls are basically loans, and they aren’t going to loan money to somebody with bad credit.

By: VTXrider

VTXrider — Sat, 11 Jul 2009 02:59:49 +0000

I have a Scottrade account. They say this is only used to verify your identity, I would assume that if you do not apply for marginthey would not turn you down if you can fund the account. They may restrict your trading if you have very poor credit but all brokers should since they have minimum sutibility requirements.

By: Adam J

Adam J — Sat, 11 Jul 2009 02:59:49 +0000

I have accounts with etrade and tradeking and I can’t recall either one saying that they checked my credit report. However I think brokerages are required to make sure that you are who you say you are. I wouldn’t worry about it too much–the absolute worst thing they could do would be to turn you down.