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Credit Reports Without Signatures

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We are using a paperless system to take applications for deposit accounts. We would like to know if we can pull a credit bureau report at the time of opening a savings account without the customer's signature?

604(a)(3)(F) of the FCRA allows you to access a credit report "in connection with a business transaction that is initiated by the consumer." It does not require a signed authorization, but you should have your reason for access documented. A new account would suffice.

First published on 10/4/04

First published on 10/04/2004

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