Skip to content

Do you have a permissible purpose to pull that credit report?

Answered by: 

Question: 
We were cited in our last exam for not having a permissible purpose to pull a credit report; however, I can’t find information in the regulation regarding permissible purpose. Where can I find this information?
Answer: 

There are no regulatory requirements for permissible purpose in either the CFPB or FRB’s Regulation V; however, the permissible purpose requirements are housed in the law itself. Section 604 of the Fair Credit Reporting Act dictates the requirements necessary to have a permissible purpose to pull credit, including written instructions from the consumer, in response to an order of the court, or when a person has reason to believe the credit is intended to be used in connection with a credit transaction.

-----------------------------
Learn more about Jack Holzknecht’s webinar A Banker's Responsibility under FCRA

First published on 08/18/2019

Filed under: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics