Misleading Adverse Action Notice?w
Answer by Andy Zavoina and Richard Insley, BOL Gurus
Question: If an adverse action is for reasons other than information from a reporting agency, would a default statement that "The consumer reporting agency contacted that provided information that influenced our decision in whole or in part was:....." be misleading.
If a CRA was not used, do not mark the box. Otherwise you are sending the customer there in an effort to correct their report when in fact it was not a contributing factor in your decision.
Answer by Richard Insley: BIO AND CONTACT INFO
I'd take it a step further and call it a violation.
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!
