Posted By: krmabyrd
Credit Applications Submitted by Phone - 11/13/06 09:57 PM
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.