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#779540 - 07/20/07 04:00 PM Pulling Credit Report & Judgement
Mindy Offline
100 Club
Joined: Apr 2004
Posts: 131
Texas
Is it permissable to pull a credit report if we have a charge off loan and a judgement against a customer. The loan officer wants to see if the credit report has a current address on it?

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#779638 - 07/20/07 04:44 PM Re: Pulling Credit Report & Judgement Mindy
ktac MITCH Offline
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ktac MITCH
Joined: May 2005
Posts: 1,813
Giant side of TX
Sure - Trying to collect money owed to the bank (loan still open or charged off) is a permissible business purpose to pull a credit report.
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#785309 - 07/30/07 02:29 AM Re: Pulling Credit Report & Judgement ktac MITCH
Sparkywho Offline
New Poster
Joined: Jul 2007
Posts: 2
California
Sure pulling a credit report is simple but keep in mind that a consumer finds out you did without their permision is grounds to be sued. Creditors rights are limited and lender fraud, for consumers has a mighty hammer .

Do not ever pull a credit report without the knowledge of a consumer. What your loan officer needs to do is hire a PI who will do a skip trace. You pull a credit report, and the consumers lawyer finds out, watch out. Lender fraud is $1,000,000 and 30 years in prison. Don't do it. Failure to disclose which this falls under is lender fraud as well.

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#785314 - 07/30/07 09:41 AM Re: Pulling Credit Report & Judgement Sparkywho
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,591
Galveston, TX
Sparky

I suggest you re-read the law before making such a bold statement:

604. Permissible purposes of consumer reports [15 U.S.C. 1681b]

(a) In general. Subject to subsection (c), any consumer reporting agency may furnish a consumer report under the following circumstances and no other:

(3) To a person which it has reason to believe

(A) intends to use the information in connection with a credit transaction involving the consumer on whom the information is to be furnished and involving the extension of credit to, or review or collection of an account of, the consumer; or
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#791566 - 08/08/07 10:13 PM Re: Pulling Credit Report & Judgement rlcarey
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
FWIW, I agree 100% with Randy and KTA. I don't have "permission" to pull a credit report. I need only to have a "permissible purpose" as Randy supported with citation. Never fear a lawsuit for trying to collect a loan legitimately.
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David Dickinson
http://www.bankerscompliance.com

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