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#1860777 - 10/11/13 02:31 PM Re-use of credit authorization
QueenBB Offline
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Joined: Jan 2006
Posts: 190
Facts: Consumer signs credit authorization to pull credit for loan. 3 or so years later, same consumers wants another loan. Can the Bank re-use the credit authorization on file to pull credit for new loan? What about getting verbal authorization from them?

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#1860789 - 10/11/13 02:40 PM Re: Re-use of credit authorization QueenBB
hgliii Offline
Platinum Poster
Joined: Mar 2012
Posts: 574
I am not in TX, but we would not use the original authorization, as it is only for use with that application. If customer were to request a new loan, we would request verbal authorization and document the file that verbal was provided. As I said, I am not familiar with TX State Law and it may be different there.

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#1861240 - 10/13/13 03:31 AM Re: Re-use of credit authorization QueenBB
rlcarey Online
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Joined: Jul 2001
Posts: 79,280
Galveston, TX
There is no requirement to ever get authorization to pull a credit report. All you need is a permissible purpose.
The opinions expressed here should not be construed to be those of my employer:

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