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Thread: Spouse's Credit

  1. Unregistered Guest

    Spouse's Credit

    Will you pull my spouse's credit even though I am the person who is applying for the bond?
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  2. Surety Guy
    Surety Guy is offline Administrator
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    Our agency only pulls the owner(s) credit in house prior to sending it to the sureties. It helps us better decide what bonding company to send your applications to.

    However, sureties can check spouses credit if they like (to make sure they are not brining in any additional liability). They may not be an owner on paper, but unless there is a prenuptual agreement stating otherwise the spouse owns part of the business due to shared assets.
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  3. mrbond
    mrbond is offline Surety Professional
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    Surety Guy,
    It is my understanding that the FCRA requires you to either have a business reason for running a report and/or have that person's permission. So unless the spouse is listed as a co-owner or you have his/her indemnity, then I don't think it's legal to pull a CR. Of course, that's just my opinion.
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  4. Riskwriter
    Riskwriter is offline Administrator
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    You are right!

    However, most surety applications have language in them such that any individuals information that is listed on the application, they do have the right to pull a report should they so choose.

    It's a very general type of clause that they put in to make sure they are not sued for this very reason.
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  5. mrbond
    mrbond is offline Surety Professional
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    That's a stretch. Even if the spouse isn't the one that gave the info? I sure wouldn't want to defend that one.
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  6. Surety Guy
    Surety Guy is offline Administrator
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    Our agency only pulls credit on owners that have signed a credit authorization form. We also only pull soft credit reports so we don't show up an an inquiry. If the surety's attornies are ok with the legality of it I am not going to argue otherwise, as I never went for the law degree. Not to mention, I couldn't imagine a more conservative outlook on law than a surety's legal team.
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  7. mrbond
    mrbond is offline Surety Professional
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    Well, I'll have to agree with you about one thing....surety lawyers are conservative, but they aren't always the brightest. <ducking for cover>
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  8. Riskwriter
    Riskwriter is offline Administrator
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    here here!
    Surety Bonds for all classes of business.
    JW BOND CONSULTANTS, INC.
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  9. Surety Guy
    Surety Guy is offline Administrator
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    I've always been under the impression that all lawyers are not that bright...
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  10. AlexandraDean73
    AlexandraDean73 is offline Junior Member
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    It's too awesome!
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