Can you give the customer a copy of credit score/credit report? - Andy Zavoina

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Can you give the customer a copy of credit score/credit report?
by Andy Zavoina, BOL Guru
BIO AND CONTACT INFO

Question: Can a Loan Officer disclose a customers credit score with them? Can the Loan Officer give the customer a copy of the credit report?

Answer: In some states you may be required to provide a credit score. Check your state laws.

As to providing a copy, 607(c) of the FCRA provides that you may not be prohibited from disclosing this. I am aware of no interpretation that defines this to be oral or written. So my opinion is that you may, if there is adverse action. But read on.

Because you can doesn't mean you should, necessarily. First, ensure there is no ID theft going on here. Disclosing this data to the wrong person would give them tons of useful information. Second, if you provide them a copy, what bank specific information may be in the headers or footers of the report. Third, do you really want your lender trying to explain to an applicant why a certain report shows as past due, how to read the report's specific codes, etc. That is often better done by the bureau and with the user friendly reports they can produce specifically for this purpose. They are also in touch with the bureau who would easily initiate any corrective actions on erroneous data.

I believe there is limited usability in this allowance, but it does exist.

First published on BankersOnline.com 8/18/03

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