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#2153633 - 11/15/17 03:26 PM Can I pull credit report on LOI signed?
cgdiamond Offline
Member
Joined: Oct 2012
Posts: 97
NY
We used to get a signed application form from a commercial loan borrower before we pull up a credit report on the guarantors. The application form states that the Bank has right to use outside sources to verify the information provided from the applicant. However, we are going to pull up a credit report, when we receive a signed copy of the letter of intent. It does not specify the statement, however I believe the fact that the applicant signed the letter of intent suffices to mean that they intent to apply for a credit. Please correct me if I am wrong.
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#2153637 - 11/15/17 03:30 PM Re: Can I pull credit report on LOI signed? cgdiamond
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,637
Galveston, TX
If the individual is going to be personally liable for the commercial debt, you don't need written permission to pull a credit report. If they are not going to be personally liable, you do.
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#2153641 - 11/15/17 03:35 PM Re: Can I pull credit report on LOI signed? cgdiamond
cgdiamond Offline
Member
Joined: Oct 2012
Posts: 97
NY
Let me clarify.

The bank considers a signed letter of intent as application received. Can it be considered a permissible purpose to obtain a credit report?
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#2153642 - 11/15/17 03:36 PM Re: Can I pull credit report on LOI signed? cgdiamond
cgdiamond Offline
Member
Joined: Oct 2012
Posts: 97
NY
Thank you!
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Seeing faults in others as your own.

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