Credit Reports

Posted By: Anonymous

Credit Reports - 09/13/02 04:38 PM

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
Posted By: Dan Persfull

Re: Credit Reports - 09/13/02 04:42 PM

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.
Posted By: Lucy Griffin

Re: Credit Reports - 09/13/02 05:49 PM

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.
Posted By: Anonymous

Re: Credit Reports - 09/13/02 07:57 PM

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?!?
Posted By: Andy_Z

Re: Credit Reports - 09/13/02 08:04 PM

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?
Posted By: rlcarey

Re: Credit Reports - 09/13/02 08:24 PM

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.
Posted By: Dan Persfull

Re: Credit Reports - 09/13/02 08:27 PM

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.