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Customer Allowed Copy of Credit Report Under FCRA?

Answered by: 
Jim Bedsole

Question: 
A consumer has requested a copy of their credit report that we used in evaluating their application. The loan was granted. I know we used to not be able to give the consumer a copy of the report, but the customer believes the FCRA gives them access to the information. Is it okay to give the copy of the credit report to the customer?
Answer: 

The FCRA does not prohibit you from providing the customer with a copy of the credit report, but your contract with the credit reporting agency may. You will want to check that agreement. The FCRA does provide that each consumer has a right to a free credit report once each year. The customer can go to the website to get that. I'd recommend that because that credit report is going to be formatted in a way that is much more "consumer-friendly" than the one you have.

First published on BankersOnline.com 5/07/07

First published on 05/07/2007

Filed under: 
Compliance
Filed under compliance as: 
Credit Report
IT
Reporting

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