Phil Entered into an Agreement with Marina Boats for the Purchase

True/False

Phil entered into an agreement with Marina Boats for the purchase of a new sailboat for $21,000. The purchase was to be on credit, subject to a favourable credit report on Phil. Marina Boats checked with Credit Reporting Company and was informed that Phil had defaulted on a number of debts, and presently had judgments in the amount of $30,000 against him. In most jurisdictions, credit reporting legislation requires either the permission of the debtor or notice to the debtor of an intention to obtain a consumer credit report on the debtor.