I understand according to FACTA, a notice to the Home Loan Applicant disclosing credit score information is required, if a consumer applicant applies for an open or closed end credit that will be secured by 1 to 4 family residential real property. Our Bank automatically acquires this notice through our credit bureau reporting agency when credit is pulled. However, our procedures allow a Lender to utilize a credit report that has previously been pulled for some other transaction, as long as it is not older than a designated time frame. This may present a problem for us, since we do not need to pull credit on that customer to make a credit decision on this new real estate transaction. But, as part of our underwriting tool we are taking into consideration the contents and credit score of the previously pulled credit report. If we did not pull a new credit report, and obtain a new credit score to underwrite this new real estate transaction, are we still required to give the FACTA notice to the applicants?
Can you check credit from the credit bureau on a spouse if the borrower is married, but the spouse is not on the loan request?
Does disclosing credit bureau scores only apply to real estate mortgage loans?
What notices are given when a bank pulls a credit report for employment purposes?
I am confused by the wording in a section of the FCRA protections for consumers who have identity theft or active duty alerts in place on their credit bureau files.