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Credit Report Authorization Form Retention

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Question: 
I am filling in for our bank's compliance officers while they are away at training. A co-worker posed the following question/situation and I have been unable to find the answer after some research. Our bank does credit checks/counseling for customers and non-customers. We have a form signed authorizing/permitting us to pull credit reports on the individuals. How long are we required to retain the authorization forms?
Answer: 

The statute of limitations on actions under the FCRA is two years. I would also be looking at your contract with the various credit bureaus, as most standard financial institution contracts will not allow you to pull credit reports to provide this service without violating your certifications in the agreement.

First published on BankersOnline.com 5/18/09

First published on 05/18/2009

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