Answer:
The FCRA does not require a signed application before obtaining a credit report. You, however, must have an application for a loan, or one of the other permissable purposes. It is a best practice to document all loan applications in some manner. If your procedure is to document phone applications by noting "application taken by phone" on the application form, I believe that would be sufficient. The person taking the application should sign and date the app.
First published on BankersOnline.com 4/25/11
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