What does "Social Security number issued for randomized issuance:N" mean? In the past I have only seen "Social Security number issued for randomized issuance:Y...."
Is there a place where we can see a description of all response codes for Chex Systems?
If a member has collections and chargeoffs on their credit report and they want to payoff one or the other, paying off which one will help their credit score the most?
I understand that you must report the FCRA info on adverse actions if you used information from a credit report to deny the loan, but does this include using the debt listed on the credit report as well? We did not deny based on the credit score (over 700) but did deny due to excessive obligations in relation to income.
Under the FCRA, do banks have to stop reporting a charged off debt to the credit reporting agencies after 7 years, or does the 7-year limitation only apply to the credit reporting agencies?
Our bank has a consumer line of credit product that is payable on demand with no set maturity date but there is an annual review. During the annual review, a credit report is pulled. We do not utilize risk-based pricing and have chosen to use the Credit Score Disclosure Exception Notice. Is this notice required in this case?
What regulations cover information for furnishers of credit information to CRAs. FCRA appears to cover the majority of it, but there is one section of Reg B (1002.10) that covers the requirements for reporting spouses. Are there any other regs that discuss the requirements of the furnishers of credit information?
When a customer files bankruptcy, can we report the loan as being charge off or does it have to be as bankruptcy?
When pulling a credit report on a consumer request, can we give the customer a copy of the full credit report or are we only allowed to give them a copy of the credit score disclosure?
I noticed on invoices on CBC credit bureaus the company is charging additional fees besides the cost of running the credit bureau. The fees include items like a $9 charge to update credit bureau records. $55 charge for something called 3 system residential mortgage. The bank passes these costs on to the customer on the GFE as credit bureau fees when the actual cost of the running the bureau is ~ $20.90. Should the bank be passing the extra charges from CBC on to the customers which do not appear to be costs of the actual bureau? No other credit bureau service appears to be adding charges to their bills.