Answer:
Yes and no. The FCRA protects consumer credit information and rights, not those of businesses. However, unlike the Truth in Lending Act which looks at the nature of the transaction to determine whether Regulation Z applies (yes to consumer credit transactions, no to business-purpose transactions), FCRA looks to the persons involved.
For example, it would be a violation of FCRA to obtain a consumer report from a credit bureau in connection with a request of a corporation to open a deposit account, and the consumer is to be an authorized signer on that account, unless you obtain a written OK from the consumer to pull the report. That's because the bank isn't opening the account for the consumer.
First published on BankersOnline.com 7/23/12
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