Consumer Credit Reports for Business Credit Decisions

NACM South Atlantic provides businesses with convenient access to
consumer credit reports from the major credit bureaus.
When your company has a permissible business purpose for reviewing an
individual’s credit, we can help you obtain the consumer credit information
you need through our partnership with OneCreditSource.

Consumer Credit Reports for Commercial Credit Decisions

Businesses sometimes need more than a commercial business credit report
when evaluating credit risk. A consumer credit report may be appropriate
when an individual is applying for credit, providing a personal guaranty,
or when another legally permissible purpose exists.

For companies extending commercial credit, reviewing the credit history
of an individual guarantor can provide additional information to consider
alongside business credit reports, trade payment history, public records,
financial information, and your company’s own credit policies.

Consumer Credit Report Options

Getting Approved to Pull Consumer Credit Reports

Consumer credit information is regulated, so businesses cannot simply
create an account and immediately begin pulling personal credit reports.
Before access can be established, your organization must complete the
required compliance and credentialing process.

NACM South Atlantic and OneCreditSource will help guide you through that
process. The application is detailed because consumer credit information
must be handled appropriately and access must be limited to organizations
with an authorized purpose.

What to Expect

• Complete the required consumer credit reporting application.
• Provide information about your company and intended use of consumer credit reports.
• Complete the required compliance verification process.
• Schedule an onsite inspection when required.
• Receive account access after your organization has been approved.

The initial onsite inspection normally carries a fee. For qualifying
NACM South Atlantic members, NACM pays the initial inspection fee as a
membership benefit.

More Than Consumer Credit Reports

In addition to personal consumer credit reports, approved customers may
have access to additional screening and verification services.

Consumer Credit Reports and Personal Guaranties

A common reason commercial creditors need consumer credit information is
when evaluating an individual who has provided, or is being considered
for, a personal guaranty on a business account.

A commercial credit report tells you about the business. When legally
permissible, a consumer credit report can provide additional information
regarding the individual behind a personal guaranty. Together, these
resources can help your credit department make a more informed credit decision.

Frequently Asked Questions About Consumer Credit Reports

Consumer credit information is subject to applicable federal and state
laws, permissible-purpose requirements, credentialing requirements, and
other restrictions. Availability of particular products and services is
subject to approval and applicable requirements.