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

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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?

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

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