FIs are required to conduct credit bureau checks in the following circumstances:
(a) before granting a new credit card or unsecured credit facility;
(b) before granting a credit limit increase;
(c) after receiving information that casts doubts on a borrower’s credit-worthiness;
(d) before reinstating a borrower’s access to credit cards and unsecured credit facilities that were suspended when the borrower became 60 days past due (see here); and
(e) before reinstating a borrower’s access to credit cards and unsecured credit facilities that were suspended when his total unsecured debt across FIs exceeded 12 times his monthly income for a period of 3 months (see here).
