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.

Ready to learn more? JOIN US for our webinar, “Compliance Just for Commercial Lenders”. Featured topics include:

• The What, Where, When, Why & How of Commercial Lending Compliance
• Signatures - What You Can & Can’t Do
• Adverse Action Notice Requirements
• Flood Insurance Requirements
• Regulation B Appraisal Requirements
• Fair Lending Intersections
• BSA, CIP, Beneficial Ownership & Due Diligence Requirements
• HMDA, FCRA Rules & Much More!