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#32763 - 09/13/02 04:38 PM Credit Reports
Anonymous
Unregistered

Is there guidance on repulling a credit report? Is it permissible within a 60 day period? Would you have to get the borrowers authorization to pull credit again?

Thank you

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General Discussion
#32764 - 09/13/02 04:42 PM Re: Credit Reports
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,765
Bloomington, IN
As long as you have a bona fide reason, such as seeing what the customerís current financial condition is in relation to current loan, no.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#32765 - 09/13/02 05:49 PM Re: Credit Reports
Lucy Griffin Offline

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Lucy Griffin
Joined: Nov 2000
Posts: 1,544
dpersful has it. You need to have a "legitimate business purpose", such as evaluating the borrower's credit profile in the context of their account with you. FCRA sets no limits based on time. However, it is always a good idea to make sure that your state doesn't have a more protective statute that would set limits.

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#32766 - 09/13/02 07:57 PM Re: Credit Reports
Anonymous
Unregistered

If I want to pull a credit report to look for a social security number that has been requested in a subpoena, but we don't have on file, is that a legit business purpose?!?

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#32767 - 09/13/02 08:04 PM Re: Credit Reports
Andy_Z Offline
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Andy_Z
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On the Net
You want to use the CBR to verify a SSAN or to fish for one? If you may be pulling a report on a non-applicant, non-customer I'd say it is not legit.

If you are verifying data provided to you by a customer, I'd say yes. I am not sure what you are doing checking on a subpoena though. Sounds like it could be fishing?
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#32768 - 09/13/02 08:24 PM Re: Credit Reports
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,324
Galveston, TX
I agree Andy, a subpoena is a vehicle allowing them to legally discover what you know and have. If you currently don't have it or don't know it, I wouldn't be doing a whole lot of investigating to find it.
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#32769 - 09/13/02 08:27 PM Re: Credit Reports
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,765
Bloomington, IN
I definitely agree with Andy, if you are looking for a SSN from a CBR, then you are fishing and I wouldn't classify that as a legimate business purpose. The identiy of your customer should had been established before pulling the original CBR and/or closing the loan.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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