A compliance review finds that an MLO wants to pull a consumer report for curiosity before an application purpose exists. What should the MLO do next?
Correct Answer
B) Use consumer reports only for a permissible credit purpose
Lines 76-80; 12 CFR Part 1022 summary. Consumer report use must connect to a permissible purpose, such as evaluating credit eligibility. Therefore, the correct response is "Use consumer reports only for a permissible credit purpose".
Why This Is the Correct Answer
Lines 76-80; 12 CFR Part 1022 summary. Consumer report use must connect to a permissible purpose, such as evaluating credit eligibility. Therefore, the correct response is "Use consumer reports only for a permissible credit purpose".
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