Reusing Credit Reports

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We get asked all the time, “Can we reuse a credit report?” Well, as we like to joke, you can do anything you want; you just might end up in jail. It’s a fairly common practice for a bank’s loan policy to allow for the reuse of a credit report when certain conditions are met. For example, if it’s less than three months or six months old, etc. But, just because you’ve always done it, doesn’t mean there’s no risk. We don’t believe banks should reuse credit reports for a number of different reasons; the Fair Credit Reporting Act is one of them.

Jerod explains more in the video.

 

Training Library!

Published
2022/09/19

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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