I am wondering about the consumer disclosure aspect of the Fair Credit Reporting Act. Under time of notice, it says that one may report before or no later than thirty days after reporting it to the credit bureau. If I give them notice when they take out the loan, is that prohibited under the section 623(a)(7) B.2 (Time of Notice)?
Under Red Flag regulations, our bank uses credit reports to make loan decisions, but doesn't report to the credit bureau. Are we required to provide a notice of address discrepancy to CRA?
We are totally confused on the subject of the recent Credit Card Act. We are understanding that the TILA amendments apply also to our HEQ Lines of credit. We now mail statements at month end with a due date ten days from the statement drop and allow fifteen extra days to make payment without a late fee or any reporting to a credit bureau. Are we in compliance or must we make our payment due date twenty-one days or more for mailing purposes, and then, by contract with the customer, still allow the grace period?
Our bank routinely pulls credit bureau reports for all new loan requests. Although credit scores are only one of the criteria used to make a decision on a loan request, a poor score would weigh heavily on a credit decision. With regard to the FACTA provision of providing Credit Score Disclosures to residential mortgage loan applicants, a question arises about those applicants whose credit bureau we request and the report is returned without a credit score. The lack of a score is sometimes a factor in determining the decisioning of an application, the need for a co-signer, or even the interest rate that may be charged. Should a customer with a credit bureau history, but no score, be supplied with the notice?
Is it possible to add a written off checking account as a negative relationship on a credit report?
If, after being contacted, the guarantor does not cure a delinquency on a commercial loan are we allowed to report negative information to the credit bureaus?
When opening deposit accounts, our bank uses a minimum Beacon. Our system will automatically decline the account or the individual signer if their Beacon score is below our set minimum. We would then provide the appropriate adverse action notice. Our branches seem to think that everyone who has a Beacon Score above our minimum is automatically guaranteed a checking account regardless of any other factors. I know that if we use anything on that credit bureau report to make our decision we will have to give an adverse action notice, but can't we still use factors over and above the minimum score?
Can a car dealership give a copy of or show a customer his or her credit report?
When granting open-end credit card accounts is it necessary for the bank to call the applicant (if the phone number is provided in the bureau statement) in the event that they have an extended fraud alert on their bureau or can the bank leave a message and accept a return call from the applicant and verify the applicant's bureau contact phone number from the bank's caller ID? Does the bank have to call the bureau contact number of a card holder (with an extended fraud alert on the bureau) who requests a credit line increase or to have an account reactivated and new plastic sent or are these two scenarios exempt from FACTA verification compliance?
We have a customer requesting that we change the history reported to his credit bureau from derogatory to good. Is there any regulation that we could provide to the customer to state that we are not obligated to comply with the request?