Question: We sometimes obtain a credit report and a credit score on a consumer before opening a deposit account with an overdraft line of credit. Does this trigger the FACT Act credit score notice? We are making a credit decision.
Answer: Although you are making a credit decision, you are not making the type of credit that would trigger the credit score notice. That notice is limited to consumer loans that will be secured by 1-4 family residential real property. Overdraft lines of credit are not included in this notice requirement. So you do not have to give those deposit account customers a credit score notice.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
