Credit Report - Signature Required on Phone Apps?

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Question:

Our mortgage credit applications contain language that allows the bank to pull a credit report. Often that application is received by phone. Is a signature required to pull the credit report and is so, what regulation contains those rules?

Answer:

There is no federal regulation requiring a signature to obtain a credit report, other than for employment purposes. All you need is a permissible purpose and a telephone application would qualify as a permissible purpose. See section 604 of the FCRA.

First published on BankersOnline.com 3/02/09