|
|
FACTA/FCRA Medical Rules - Cheat Sheet
The use of medical information in your credit decisions has been addressed as the FACTA rules took effect April 1, 2006. Lending staff must understand what is acceptable in today's environment of equal treatment. You wouldn't consider the health of your marathon runner applicant, and can't of the senior pulling an oxygen tank either. This training handout was designed by Jeanette Nichols CRCM, now a compliance consultant based in Nevada.
This training pimer includes a one page "why" overview so you can understand the spirit and intent on the rules effecting the use of medical information in credit transaction. The next two pages provide eleven scenarios, whether each is acceptable under the new rules or not, and an explanation as to the reasoning. This is advantageous for initial training and as a reference document.
Access other Banker Tools on BankersOnline.com:
|
|
|
|
