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#2277938 - 11/15/22 08:39 PM Using old credit report
JWelch Offline
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Joined: Oct 2016
Posts: 6
If we re-use the information on an existing credit report, are we required to send the customer a new credit score notice?

(For customers who get small dollar amount loans more than once a year, we only run their credit report once every 12 months, if needed)

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#2277956 - 11/16/22 03:25 PM Re: Using old credit report JWelch
rlcarey Offline
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Joined: Jul 2001
Posts: 81,346
Galveston, TX
There is no regulatory support for re-using an existing credit report. Your credit bureau contract likely disallows it also.
The opinions expressed here should not be construed to be those of my employer:

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#2277972 - 11/16/22 05:49 PM Re: Using old credit report JWelch
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,159
Bloomington, IN
In addition to what Randy states I am not aware of any exemption for not providing the disclosure if a credit score is used for the credit transaction even if it is from a previously obtained report.

The purpose of the disclosure is to inform the consumer of the score used and when it was generated.
The opinions expressed are mine and they are not to be taken as legal advice.

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