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Is it legal to pull a customer's credit report?
Basically, any entity with a "legitimate business need" may request a copy of a consumer's credit report. This may include businesses considering giving a consumer a line of credit, a mortgage, insurance, rental housing, and even employment or job promotions.
Must I obtain permission before pulling a credit report?
Yes. Make it a rule to always obtain permission prior to pulling a copy of a consumer's credit report. Put the permission in writing and obtain a copy of the consumer's signature (written or electronic) authorizing you to pull a copy of his/her credit report.
What information do I need from a consumer to pull the credit report?
After receiving proper authorization from the consumer, obtain as many of the following identifying items to ensure the correct credit report is pulled:
- Full Name - and any maiden or other names that may have been used for past credit
- Current Home Address
- Previous Home Address
- Social Security Number
- Date of Birth
What helpful information is contained on a credit report?
Of course, a credit report contains specific information from each reporting credit account of a consumer, which can be used to determine their past and potential credit worthiness. A credit report also contains public record information including bankruptcies, liens, and monetary judgments. It may also contain information regarding disputed items or a statement from the consumer explaining circumstances surrounding information contained on the credit report. It also contains personal identifying information such as current and past addresses, telephone numbers, and employers.
What if I deny a customer or job applicant due to the credit report?
Under the Fair Credit Billing Act, you must notify the consumer of your decision, either orally or in writing, and advise the consumer of the following:
- The name and contact information of the credit bureau reporting agency used to provide the report, including a toll-free telephone number. Also, you must notify the consumer that the credit bureau did not make the negative decision and will not be able to provide reasons for the decision. The credit bureau information is as follows:
Experian (formerly known as TRW)
P.O. Box 2002
Allen, TX 75013
(888) 397-3742
www.experian.com
Equifax
P.O. Box 740241
Atlanta, GA 30374
(800) 685-1111
www.equifax.com
TransUnion
P.O. Box 2000
Chester, PA 19022
(800) 888-4213
www.transunion.com
- Advise the consumer of his/her right to obtain a free copy of the credit report from the credit bureau reporting agency used, including notification of the 60-day period to obtain such copy.
- Advise the consumer of his/her right to dispute any inaccurate or incomplete item of information included on such credit report.
How do I pull a consumer's credit report?
Contact us for further information. |
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