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#1916361 - 04/22/14 01:13 PM collections and credit reports
complyorelse Offline
Gold Star
Joined: Nov 2007
Posts: 442
U.S.
If a loan is in a collections status, do we have the right to pull a credit report? Our note states we may pull credit at any time (as long as the loan is outstanding). FCRA states we have permissible purpose for "reviews or collections" but I'm just hoping for feedback on when that purpose would run out. Specifically at what point of a collection process must we cease pulling a credit report? What if it goes to foreclosure?

Thank you.

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#1916660 - 04/23/14 02:40 AM Re: collections and credit reports complyorelse
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,633
Galveston, TX
It really comes down to why are you pulling the report. What do you plan on using the information for??? Is it just your procedure to have one or do you actually plan on using them for something?
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