Answered by BOL Gurus Mary Beth Guard and Jack Holzknecht Bios
Question: Is the Collections Department, which pulls credit reports on delinquent customers, responsible under the regulation for providing corrected information to the credit reporting agencies? There is no 'new' account relationship in this case. We would be changing the address to the correct one anyway and the next tape would have the correct address, but this is not required by this law, correct?
Answer: If you receive a notice of address discrepancy, then you must form a reasonable belief that the consumer report relates to the consumer about whom you had requested it, but you would not need to furnish a confirmed address to the CRA since you are not establishing a continuing relationship.
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!
