Skip to content
BOL Conferences
Thread Options
#2188387 - 08/08/18 02:13 PM Trust Department
complyorelse Offline
Gold Star
Joined: Nov 2007
Posts: 448
U.S.
We have a Trust Department - full trust powers through the State. As part of ensuring we are satisfying all credit obligations that may be outstanding for an estate, I am being asked if we can pull credit reports (no score needed) as part of fulfilling our duties as executor, fiduciary, personal representative, or guardian role. I do not see where this falls under permissible purpose but I may not be looking in the right place for this answer. I am being told other Trust service providers do this routinely and I am trying to figure out how without violating FCRA. Until now, we have been writing to the bureaus to obtain this information, providing them with documentation of our role in the estate, and it has been provided. However, this is not efficient and we'd like to utilize an online portal instead.

Any guidance would be most appreciated. Thank you.

Return to Top
#2188408 - 08/08/18 03:15 PM Re: Trust Department complyorelse
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
If the subject is actually deceased - who is going to sue you?
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2188416 - 08/08/18 03:39 PM Re: Trust Department complyorelse
complyorelse Offline
Gold Star
Joined: Nov 2007
Posts: 448
U.S.
I'm more worried about a violation of FCRA. Is it not a violation (permissible purpose) under these circumstances?

Return to Top
#2188436 - 08/08/18 05:20 PM Re: Trust Department complyorelse
Dan Persfull Online
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
(2) In accordance with the written instructions of the consumer to whom it relates.

I would assume your Trust Dept. is carrying out your customer's instructions specified in the trust agreement.

Might be a bit of a stretch but that is what I would fall back on. And as Randy alludes to your risk for any liability is going to be minimal.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#2188442 - 08/08/18 05:52 PM Re: Trust Department complyorelse
complyorelse Offline
Gold Star
Joined: Nov 2007
Posts: 448
U.S.
I appreciate the feedback, Dan and Randy.

Return to Top