OCC / FCRA – 1. May a bank obtain a consumer report from a consumer reporting agency for a loan application?

Compliance > FCRA
Q:  May a bank obtain a consumer report from a consumer reporting agency for a loan application?
 
A:  Yes. Reports may be obtained for this and other legitimate business purposes and for the review or collection of an account, employment, or insurance underwriting (16 CFR 604 – see question 25 for a list of permissible purposes).
 
 
This Q&A was obtained from the Comptroller’s Handbook on Fair Credit Reporting that may be found here:  https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/fair-credit-reporting/index-fair-credit-reporting.html
 

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