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Credentialing Requirements
Learn about the requirements necessary to report data to TransUnion
The credentialing process is intended to ensure compliance with TransUnion business practices and policies as well as applicable laws, rules, regulations, and standards that apply to TransUnion’s businesses. Depending on the particular TransUnion product or service, the legal regulations may include but are not necessarily limited to, Section 604 (Permissible purposes of Consumer Reports) and Section 607 (a) (Compliance Procedures; Identity and Purposes of Credit Users) of the Fair Credit Reporting Act (FCRA), Section 6802(e) of the Gramm-Leach-Bliley Act, Title V, Subtitle A (Financial Privacy), related rules promulgated by Federal Trade Commission (FTC), and the standards established by Civil Case No. 1 06-CV00198 (United States of America v. Choicepoint Inc.)
Credentialing Requirements Overview
- Generally, items required for credentialing the prospective customer include:
- Application
- Letter of Intent
- Third party verification of business credentials (bank and trade references, proof of lender sponsorship, for example)
- Business or other licensemetrics
- On-site inspection
- The credentialing process may include, but is not limited to:
- Verifying the business identity of the applicant (via business and/or personal credit reports, lease verification, for example);
- Obtaining certifications regarding the applicant’s nature of business and purposes for obtaining TransUnion products and services (via applicable service agreement);
- Verifying that the applicant is a legitimate business engaged in the business certified by the applicant (via reputable listings, website review, for example);
- Determining if the applicant has a permissible purpose in cases where the applicant wishes to obtain consumer reports; and
- Performing an on-site inspection of the applicant’s business premises is generally required if personally identifiable consumer information is being sought
For more information regarding the credentialing process, please contact our Client Services Department at (800) 730-0126 or email clientsvcs@tusales.com.
