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Compliance Question of the Week
In today’s banking environment as soon as one big new regulation is implemented another pops up. Our compliance resources help your community bank stay one step ahead of the regulators.
Is obtaining a consumer report to review an account is a permissible purpose under FCRA?
Section 604 permits a person, including a bank, to obtain a consumer report for a legitimate business need for the information including in connection with a business transaction that is initiated by the consumer; or to review an account to determine whether the consumer continues to meet the terms of the account.
Reference: FCRA, Section 604(a)(3)(F).