Address Discrepancy Credit Report
David Dickinson, BOL Guru Guru Bio
Question: We are having a difference of opinion on this topic at our institution. When you are taking an application from a new consumer and receive an address discrepancy alert on a credit report, are you required to address that alert if you decide not to extend credit and a denial is sent?
Answer: No, you are only required to correct the address (under the FACT Act) if you make the loan/open the account. Likewise, CIP only applies if you make the loan.
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