Skip to content

Permissible Purpose under the FCRA

Our consumer loan application includes an authorization allowing us to obtain a credit report as a condition of applying for credit. Is that acceptable consumer consent for permissible purpose under FCRA?

Yes. Although FCRA does not require express written consent from the consumer to obtain a consumer report when there is an application for credit initiated by the consumer, it is a good practice to obtain the consumer’s express written consent.


Learn more about Nancy Derr-Castiglione’s webinar Understanding Fair Credit Reporting Act’s Permissible Purpose

First published on 10/25/2020

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