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#2095991 - 08/30/16 03:09 PM One Credit Report-Various Products
Comp@2005 Offline
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Joined: Feb 2010
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Can an Institution evaluate a consumer for various of its credit products with only one credit report? What if consumer only solicited one product?

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#2096023 - 08/30/16 03:57 PM Re: One Credit Report-Various Products Comp@2005
rlcarey Online
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rlcarey
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Galveston, TX
No - you cannot use a legitimately pulled credit report for marketing purposes.
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#2096180 - 08/30/16 08:40 PM Re: One Credit Report-Various Products Comp@2005
Comp@2005 Offline
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Even if evaluation for all would be performed at the same time? As soon as consumer solicits one of the credit products?

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#2096188 - 08/30/16 08:58 PM Re: One Credit Report-Various Products Comp@2005
rlcarey Online
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rlcarey
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Galveston, TX
Read this and then come back with any other questions:

https://www.ftc.gov/sites/default/files/...0fcrareport.pdf

Read page thirteen under Review Purposes, but the same thing applies when you get a an application for credit that gives you a permissible purpose for that transaction only.

Also read your credit bureau contract.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2096195 - 08/30/16 09:31 PM Re: One Credit Report-Various Products Comp@2005
MScarn6942 Offline
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Land Lacking in Lakes, IL
So does that mean that if I pull credit on a vehicle loan application and notice that there is a mortgage against a property that I can't ask them about it and offer our mortgage products to them?
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#2096202 - 08/30/16 09:46 PM Re: One Credit Report-Various Products Comp@2005
rlcarey Online
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rlcarey
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Galveston, TX
Not based on the credit report, that is marketing and is not a permissible purpose.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2096377 - 08/31/16 07:03 PM Re: One Credit Report-Various Products Comp@2005
Andy_Z Online
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Hopefully that mortgage debt is also on the application you have for credit.
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#2096398 - 08/31/16 07:26 PM Re: One Credit Report-Various Products Comp@2005
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
But even still, they would need to present the pitch to everyone, not just those with higher credit scores or you might have a fair lending issue.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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