Question

Under what circumstances can an institution obtain credit reports on individuals not responsible for repayment without written authorization?

a) When it's required by the institution's policy.
b) With a written authorization from the consumer.
c) For determining the potential value as a deposit customer.
d) For conducting background checks for employment purposes.

Answer 1

An institution can obtain credit reports on individuals not responsible for repayment without written authorization in certain circumstances such as when it's required by the institution's policy, with a written authorization from the consumer, or for conducting background checks for employment purposes.

Step-by-step explanation:

An institution can obtain credit reports on individuals not responsible for repayment without written authorization in certain circumstances. One of those circumstances is when it's required by the institution's policy. Another circumstance is when the institution obtains a written authorization from the consumer. Additionally, an institution can obtain credit reports on individuals not responsible for repayment without written authorization for conducting background checks for employment purposes.