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FCRA & Telephone Applications

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Do we have sufficient authorization to pull a credit report when we take a telephone application?

The FCRA allows you to access a credit report on a loan applicant when there is a legitimate business need, in connection with a business transaction that is initiated by the consumer. Section 604(a)(3)(F)(i) does not require a written authorization, though that doesn't hurt for an audit trail. In this case you would have an application taken and identified as being taken over the telephone.

First published on 5/17/04

First published on 05/17/2004

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