Pulling Credit Reports on Business Applicants

We get questions all the time about when you can and can’t pull a consumer report.

The general answer is anytime you have a legitimate business need.

So, if someone is opening a deposit account or applying for a loan, that would constitute a legitimate business need. When it comes to business applicants; however, you have to be careful.

Whether you can pull a credit report comes down to personal liability.

Jerod explains more in the video.

 

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Jerod Moyer

Jerod Moyer

Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!

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