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#637752 - 11/13/06 09:57 PM Credit Applications Submitted by Phone
krmabyrd Offline
New Poster
Joined: Jan 2003
Posts: 18
Chicago Southland
Are there specific rules related to accepting credit applications by phone as it applies to generating a CRA report? It's my believe the FCRA Section 604 would apply but I can't interpret this section to give me rules for disclosing to consumer that a credit report may be obtained as part of the credit approval process. Consumer, if denied, would never physically sign the application authorizing the CRA report.

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Lending Compliance
#637753 - 11/13/06 10:03 PM Re: Credit Applications Submitted by Phone
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 79,923
Galveston, TX
There are no signature requirements. If you have an application for a loan, you automatically have a permissible purpose to pull a credit report.
The opinions expressed here should not be construed to be those of my employer:

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