Can I request a credit report on myself?

You are allowed to pull reports only for individuals on whom you have a permissible purpose.

What is a permissible purpose?

Permissible purpose is a legally allowable purpose for inquiring about a consumer’s personal information.  These purposes include legitimate business needs such as housing or employment applications of the consumer, credit transactions, court orders and subpoenas.  Permissible purpose is defined in Section 604 of the Fair Credit Reporting Act (FCRA). [15 U.S.C. § 1681b].

What is a signed authorization?

You must have permission from the individual on whom the report is requested.  That permission must be in the form of a signed authorization.  It is the responsibility of the business submitting the request to retain the signed authorization on file for a minimum of three (3) years.

employment_insight.pdf  Authorization/Release Form

Is it OK to give a report to someone?

If the individual has been denied financing or housing due to their credit information, they are entitled by Federal regulations (FCRA) to receive a copy of the report.  Otherwise, you are not required to provide them a copy.  If they are interested in receiving a copy of their report, they may request a free report on themselves at www.annualcreditreport.com.  You may not give or resell information to a third party.

What is the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA) is a federal law that gives the consumer the right to know what Consumer Reporting Agencies (CRAs) have on file about them, as well as outlining a consumer’s right to dispute errors contained in their consumer file.  It sets tight restrictions for CRAs about the circumstances under which a consumer report may be obtained and disclosed.  The FCRA gives the consumer the right to receive a free copy of their consumer file if they are denied credit, housing, employment or had any other adverse action as a result of information obtained from a consumer reporting agency.  For additional information on the FCRA visit the Federal Trade Commission’s Web site at www.ftc.gov.

Consumer’s Rights Under the Fair Credit Reporting Act

A consumer’s rights are protected under the federal Fair Credit Reporting Act (FCRA) and applicable state laws.  You may download a copy of Summary of Your Rights under the FCRA from this website or by visiting the Federal Trade Commission’s website at www.ftc.gov/credit.

What is an on-site inspection?

Consumer Reporting Agencies (Equifax and TransUnion) have mandated guidelines to ensure that information is distributed and maintained in a secure environment, used in a manner consistent with state and federal requirements and provided only to end-users who have a permissible purpose for the use of the data.  A third party vendor will physically visit the business to ensure compliance with these guidelines.  Inspection contractors look for signage, evidence of business activity, and certify that the location is a secured environment.  The security includes having lockable office doors, lockable file cabinets, password protected personal computers and a small paper shredder.  Some questions will be asked relating to the business and a few pictures are taken that will be placed in the Applicant’s file.

What if I have a home office?

As long as you comply with the mandated guidelines outlined above, you may be eligible to access reports.

Risk Based Pricing Rule

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employment_insight.pdf  Risked Based Pricing Rule