Sentences with phrase «permissible purpose»
The phrase "permissible purpose" means that you are allowed or authorized to do something for a specific reason or purpose. Full definition
There are legally defined permissible purposes for a credit report to be issued to a third party.
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Your personal information is not retained by us for longer than necessary for the legally permissible purposes for which it was collected as outlined in this Policy, as required under applicable retention policies and as required or permitted in accordance with applicable law.
The FCRA defines permissible purpose: the circumstances under which a consumer - reporting agency can furnish a report.
Overdraft protection on a newly opened checking account is a lending relationship, which allows permissible purpose (point 1).
We've compiled a short list of permissible purposes below.
Permissible purposes include credit transactions, employment purposes, insurance underwriting, government financial responsibility laws, court orders, subpoenas, written instructions of the consumer, legitimate business needs, etc..
But it also creates permissible purposes for access, including giving financial service companies the right to review credit reports of consumers they do business with.
permissible purpose [top] As defined in 604 of the Fair Credit Reporting Act (FCRA), only specific reasons for requesting a credit report are deemed «permissible.»
What's more, unless you actually applied for a car loan or a mortgage, then your «friend» just caused his or her employer to violate the Fair Credit Reporting Act's Permissible Purpose provision, which says that credit reports can only be accessed for legitimate purposes.
In reaching this conclusion, the court relied on another case as well as the FTC Policy Statements, which state that «When permissible purposes exist, parties may obtain and consumer reporting agencies may furnish, consumer reports without the consumer's permission or over their objection.»
Businesses, with permissible purposes can request a copy of your personal credit history and when they do, these inquiries appear on your credit reports and usually remain there for 1 to 2 years.
The concept of permissible purpose defines where, when, and how any institution can access your consumer report in connection with a business relationship.
Consumer data is governed by the Fair Credit Reporting Act, which limits access to those with a permissible purpose, such as an application for credit.)
Consumer reporting agencies make money by selling behavioral information to businesses with a permissible purpose to buy it.
The concept of a permissible purpose can be vague, and difficult to interpret and apply.
Banks can check your credit report and score when they have a permissible purpose as defined under the Fair Credit Reporting Act.
In addition, the entity purchasing the report must have a permissible purpose.
Banks can check your credit report or score when they have a permissible purpose as defined under the Fair Credit Reporting Act (FCRA).
The section of the law relating to permissible purpose is fairly lengthy, detailed, and dense.
The Fair Credit Reporting Act (FCRA) defines the permissible purposes for when banks can check your consumer report and score.
Demographic data is collected from a variety of sources and can be sold without a permissible purpose.
The bureaus log the information any time that a consumer, an existing lender, a prospective lender, or any other company with a permissible purpose, reviews your consumer file.
Underwriting of insurance is a permissible purpose for furnishing a consumer report (point 3).
There are several industries that have a permissible purpose of viewing credit information, even though they don't contribute data into the system.
The law states that one must have been given permission by you, a «legitimate business need» or «permissible purpose» for viewing your credit report.
A credit inquiry occurs when a potential credit grantor, potential employer, rental housing agency, or other entity with a «permissible purpose» (as defined by the Fair Credit Reporting Act) requests access to your credit report.
The agency provides the information to credit grantors who have a permissible purpose under the law to review the report.
If you noticed somebody pulling the report that doesn't have a permissible purpose for doing so, seek legal advice.
The business that receives the report for decision making purposes that meet the permissible purpose requirements of the FCRA.
Many businesses have a permissible purpose or legitimate business reason for requesting your personal credit profiles and when they they do, these «authorized soft inquiries» appear and usually remain on your credit reports for 1 to 2 years and DO NOT hurt your credit score.
Consumer data is governed by the Fair Credit Reporting Act, which limits access to those with a permissible purpose, such as an application for credit.)
According to the Fair Credit Reporting Act, credit grantors with a permissible purpose may inquire about your credit information prior to your consent.
«You get into the «permissible purpose» doctrine,» he said.
In most states, checking an employee's credit report is considered a permissible purpose.
Can a company run your credit with just the last 4 digits of your social security number and does giving them a partial social security number count as permissible purpose.
Businesses must have a «legitimate business need,» and a «permissible purpose,» as stated in the federal law to obtain your credit file.
Credit reporting agencies may furnish reports only to those entities that have a permissible purpose for the information
Inquiries (requests to view your credit history) by companies that should not have permission (called a «permissible purpose»)
One has to have a permissible purpose to do so and credit repair company does not fit this legal standard.