Under Vermont law, a person wishing to “obtain” a credit report on a consumer must obtain the consent of the consumer prior to obtaining such credit report (see Vt. Stat. Ann. tit. 9, § 2480e & Vt. Admin. Code 3-2-110:CP 112.03). We provide a Vermont-specific version of Cx13 (“Certification and Authorization”) in Initial Disclosures for fulfilling this requirement for most of our clients, who typically pull a credit report after receiving a borrower’s application.
However, we have become aware that there are a few clients who pull credit reports prior to application. To help ensure that they meet Vermont’s requirements, we will be providing a new document (Cx22437), as “upon request”. After a client has requested to have it assigned to them, this document will print under the following conditions:
- Document Package Type = Pre-Disclosure
- State Code = Vermont
The text of the document is simple; the persons listed as “Borrowers” authorize the client to order consumer credit report(s) for the purpose of evaluating the “Borrowers” eligibility and creditworthiness for a potential loan.
This document is available immediately. If you have any questions or concerns about this new document, or wish to have it assigned to your account, please contact Client Support at 1.800.497.3584.