One of the things our review team does when they go into a bank to do a review is ask for a listing of all credit reports pulled for a specific period of time.
What could they be looking for?
Well, the Fair Credit Reporting Act requires that you have a legitimate business need to pull a credit report.
So, our review team looks at the list and then looks for a new loan, an existing loan, etc., or some other reason that would justify the bank pulling a credit report.
Click the video as Jerod explains more.
Legitimate business purpose and credit reports are just one of the many things we are going to cover at our upcoming FCRA/FACT Act Webinar on September 17, 2019. We will spend two hours putting the requirements in plain English and getting you and your team on the right track! We hope to see you there!