Which type of verification allows running credit reports?

The type of verification that allows running credit reports is Individual Verification. This process focuses on verifying the identity and credit history of a specific individual, which is essential for assessing their creditworthiness. In retail banking, it is crucial to understand a customer's financial background before extending credit or loans. Running a credit report during the Individual Verification process provides detailed information about an individual's credit history, including their outstanding debts, payment history, and any past defaults. This information not only aids in making informed lending decisions but also helps ensure compliance with regulatory requirements regarding customer identity and credit assessment.

In contrast, the other verification types don't specifically involve credit reports. Document Verification typically confirms the authenticity of provided documents without delving into credit histories, Relationship Verification focuses on the connections and relationships between different accounts or entities, and Account Verification pertains to validating the existence and status of financial accounts rather than the individual's creditworthiness.