Pulling Credit Reports when Opening New Accounts Answered by BOL Gurus Mary Beth Guard and Jack Holzknecht Bios
Question: Currently we do not pull a credit report when opening a new checking account. Should we start pulling credit reports when opening a new account? Would you recommend that we begin obtaining them since we do obtain them on the loan side of the bank just to be uniform?
Answer: The regulations do not require you to pull a credit report under any circumstance, but there is value in the reports. Among other items, a report contains fraud alerts and address discrepancy notices. I would not recommend obtaining a consumer report just for the purpose of being uniform. Obtaining a report makes sense if the report improves decision making or reduces the likelihood of fraud.
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