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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: 14
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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rlcarey
Joined: Jul 2001
Posts: 83,396
Galveston, TX
There is no regulatory support for re-using an existing credit report. Your credit bureau contract likely disallows it also.
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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: 47,533
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.
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The opinions expressed are mine and they are not to be taken as legal advice.

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