Can you take applications for loans over the phone and pull credit? If the customer never comes in and the request is denied, what do you do with the application that has not been signed by the customer that gives you permission to pull credit?
Can you please tell me the difference between an Act and a regulation? And is a law different than a reg or act? For example, Regulation DD is for Truth and Savings, but there is also a Truth and Savings Act.
When making a business loan, we often require an individual to guarantee the obligation. Under the Fair Credit Reporting Act there seems to be no question this is a "permissible" purpose to allow us to obtain a credit report on the guarantor. Does the FCRA require we obtain the guarantor's signature acknowledging that a credit report will be obtained? If so, can you direct me to the specific language.
Can we provide a copy of their credit report to a customer?
If we approve a customer for a loan and they want a copy of their credit report can we give it to them?