A mortgage report request may not be used to furnish a report to someone else
What the document says“``(B) Limitation.--If a person requests a consumer report from a consumer reporting agency in connection with a credit transaction involving a residential mortgage loan, that agency may not, based in whole or in part on that request, furnish a consumer report to another person under this subsection”
The paragraph added to section 604(c) of the Fair Credit Reporting Act (15 U.S.C. 1681b(c)) provides that where a person requests a consumer report in connection with a credit transaction involving a residential mortgage loan, the consumer reporting agency may not furnish a consumer report to another person under that subsection based in whole or in part on that request. The prohibition is subject to the conditions set out in the two entries below.
What the document actually says“``(B) Limitation.--If a person requests a consumer report from a consumer reporting agency in connection with a credit transaction involving a residential mortgage loan, that agency may not, based in whole or in part on that request, furnish a consumer report to another person under this subsection”
A firm asks a credit bureau for your report to help with a home loan. The bureau may not use that ask to send a report about you to someone else.
The rule is about what a credit bureau may hand out. The next part sets out when it still may.
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