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FCRA & Telephone Applications

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

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 BankersOnline.com 5/17/04

First published on 05/17/2004

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