09/06/2004
Under the "permissible purposes" rule in the FCRA, if a customer applies for joint credit but only one applicant is present to sign the application authorizing us to obtain a credit report, do we have a "permissible purpose" to obtain a credit report on the absent applicant? Do we need the absent applicant's signature before obtaining the credit report? Is the same thing true for deposit accounts when checking with ChexSystems? I have not been able to find anything indicating the customer is required to sign giving permission to obtain the credit report.
09/06/2004
Under the "permissible purposes" rule in the FCRA, if a customer applies for joint credit but only one applicant is present to sign the application authorizing us to obtain a credit report, do we have a "permissible purpose" to obtain a credit report on the absent applicant? Do we need the absent applicant's signature before obtaining the credit report? Is the same thing true for deposit accounts when checking with ChexSystems? I have not been able to find anything indicating the customer is required to sign giving permission to obtain the credit report.
08/01/2004
During the next six to ten months, the FACT Act provisions will continue to take effect.
06/01/2004
The FACT Act requirements are rolling into place. By this time next year, everything will be final.
03/01/2004
We want to include language on our DDA signature cards that grants us permission to run a credit report at our discretion. Is this allowable legally? If so, is there any model language?
02/09/2004
We pull a credit report for all consumers who request to open a checking account and we have an application they sign to give us permission to do this. If we were going to do a credit report on signers of a business account, would we need to use the authorization for a credit report for business purposes or does that apply to the primary participants in the business and not authorized signers?
12/01/2003
The Fair and Accurate Credit Transactions Act of 2003 has been signed into law by the President. The short name, and one we'll soon get to know intimately, is The FACT Act.
12/01/2003
The bank I am presently employed at pulled a credit report on me before they hired me. Unfortunately, since my date of hire, I have had financial difficulties, and my credit is ruined. My supervisor just informed me they are going to start to do annual credit reports on employees. Is it possible for them to terminate me? I started here February 26, 2003 and received "Employee of the Month" in August. I know they are very happy with my performance here, so the only thing I'm worried about is my ruined credit. Any information you can give me regarding this matter would be greatly appreciated.
09/29/2003
If an individual only has a checking account, and you want to run a credit report to check something for suspicious activity, are you allowed to do so and by what reg?
09/29/2003
If an individual only has a checking account, and you want to run a credit report to check something for suspicious activity, are you allowed to do so and by what reg?