Re-Using Credit Reports
From a compliance perspective, there isn’t anything that specifically prohibits a financial institution from re-using an existing credit report for a subsequent credit request (or other purpose). In fact, it’s a pretty common practice and many institutions actually dictate in their loan policy how old a credit report can be to reuse it. When we recommend not reusing credit reports under any circumstances, we often get pushback. Our reasoning is simple; however. Reusing credit reports can negatively impact the credit scoring models, it can be a breach of contract with your provider and it can get you in trouble with many different regulations such as the Fair Credit Reporting Act, Military Lending Act and Regulation Z’s Ability to Repay requirements to name a few.
Kevin explains more in the video.
2025/08/25
Kevin Edwards
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).