3JM Company Inc. . . However, the knowledge and information obtained must be accurate.
Inaccuracy leads to confusion and chaos.
As many of you are aware, Congress made several changes to the Fair Credit Reporting Act in 1996 which went into effect in 1997. Recently, the National Association of Credit Management, both through its Washington Representative and at its National Credit Congress held in New Orleans, issued an advisory to its members of new guidelines issued by the Federal Trade Commission when obtaining personal credit reports from those individuals who sign personal guaranties on behalf of their business or when investigating the personal credit history of proprietors or partners. The Fair Credit Reporting Act has always required that prior permission be obtained from the applicant before pulling a credit report. That requirement is set forth in Section 604 of the Act. Since there is no requirement that the credit application be in writing then a signed authorization to pull a credit report, once application is made, is not required.