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Beyond the loan applicants, can we pull the credit reports for those listed as source of other income?

Answered by: 
Lucy Griffin

Question: 
When an application is taken and there is a co-maker and the co-maker gives a spouse as source of other income, can the bank pull the credit bureau of the spouse? The source of other income is not on the note and basically has no benefit from the proceeds. The applicant is the son, the co-applicant is the mother and the mother has put her husband down as other source of income. The source is not a user.
Answer: 

First, check your state law. Some states have protective credit report laws that limit obtaining an individual's credit report to situations when the individual has given written permission.

If you do not have such a state law, the Fair Credit Reporting Act would permit you to obtain the report because you have a legitimate business purpose.

First published on BankersOnline.com 10/7/02

First published on 10/07/2002

Filed under: 
Lending
Filed under lending as: 
Credit Bureau
Credit Report
Fair Credit Reporting Act
Reporting

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