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What does this fraud alert mean on the credit report I just pulled?

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Question: 
I am a new lender and have never pulled a credit report that included a fraud alert. Are there certain steps I must take before I can move forward with the loan?
Answer: 

A fraud alert may be placed on a credit report by the consumer reporting agency if the agency has been alerted by the consumer that he/she has been a victim of fraud or a related crime, including identity theft. A credit transaction should not be extended unless you follow policies and procedures your financial institution should have in place to form a reasonable belief that you know the true identity of the person making the credit request.

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Learn more about Jack Holzknecht’s webinar A Banker's Responsibility under FCRA

First published on 08/11/2019

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