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When can a bank pull or review a credit report?

Under the Fair Credit Reporting Act, a bank can obtain a consumer report if it has a "permissible purpose," which may include the following:

  • Credit transactions
  • Review or collection of an account
  • Opening a deposit or savings account
  • Underwriting of insurance
  • Any legitimate business need in connection with a business transaction initiated by the consumer, or to review an account to determine whether the consumer continues to meet the terms of the account

Refer to 12 CFR 1022 "Fair Credit Reporting (Regulation V)" for more information.

Last Reviewed: April 2021

Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on should not be construed as legal advice or a legal opinion of the OCC.

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