[kvet18]

If a customer submits six pieces of information (including SSN) but has not yet given express consent to pull credit, has the requirement to provide an LE been triggered? We are getting some pushback that because the regulation states specifically “The consumer’s social security number to obtain a credit report” that the requirement to provide an LE has not been triggered if the customer has not given us permission to pull credit.

[jholzknecht]

We have several issues to unravel.

First, the Fair Credit Reporting Act does not allow you to order a credit report unless you have a permissible purpose. The law provides several different permissible purposes. Obtaining consent from the consumer is one permissible purpose. If the consumer applies for credit, that is a permissible purpose. So, if the consumer applies for credit you have a permissible purpose, even without consumer consent.

For purposes of TRID, once the consumer has submitted the six pieces of information you must deliver the loan estimate in a timely fashion. Submission of the social security number is sufficient; consent is not required.

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