Has the rules changed on what info we can tell a customer when we deny a new account based upon info recieved using a consumer-reporting agency. As I learned and still believe is the case, you may not give the customer the info but explain that due to info obtained in using this company we have denied you opening an account. We then give them a form that gives the info needed to request the data that was provided. Can someone please let me know if hte rules have changed? I have a branch that states they have customer who have walked in with the info and it was obtained from the bank that they tried to open the account with.

Thank you

There has never been a "rule" as you explain; however, it was a best practice. You have a contract between the consumer reporting agency (CRA) and your institution. In the past, most said something like "bankers eyes only". Since the FACT Act now allows consumers to get a free copy of their credit report each year, many CRA's have modified their contract to allow bankers to hand out this information - but not all.

First, check your contract. Second, discuss this among management and have a procedure that all follow.