Are financial institutions required to report consumer loan activity to the credit bureaus? Where do I locate this information?
If a bank pulls a credit bureau report on a potential customer must it report that fact to the customer in the Notice of Action Taken?
Are we always required to provide the Credit Score Disclosure Statement(CSDS) prior to closing on all real estate, including interim construction (short-term with permanent take-out letter)? The credit bureau report is provided by the permanent take-out lender.
I am trying to find a definitive answer regarding FCRA adverse action notice requirements on a commercial loan request to a sole proprietorship when the consumer credit bureau is used as part of the decision. Does an FCRA adverse letter need to be sent?
May we pull a credit report for an employee at the request of the employee?
What are the rules or laws concerning Credit Reports and what can we tell our customers about their credit? Can we legally give our customer a copy of their Credit Report?
Does the notice to the customer that the bank may furnish negative information to the credit bureau have to be given or mailed to each and every customer separately (i.e. Mr. and Mrs.) at the same address, and if so, where can I find the applicable citation or rule?
Please confirm that banks are allowed to give consumers a copy of their credit reports both as part of credit score disclosure and in the event that the loan is denied. It’s my understanding that it is not required, but nothing prohibits giving a copy directly to the consumer, is this correct?
I have read the FACT and FCRA guidelines, but find them confusing when it comes to sharing information with affiliates. I find reference to a proposal that would cause the need for a privacy notice with an opt out provision, but cannot find that it actually went into effect. Here is my scenario. Bank A and Mortgage Co. B are owned by the same holding company. Bank A receives a loan application. In order to provide the customer/consumer with the best loan product, Bank A would like to share the application and credit bureau information with Mortgage Co. B. Does Bank A have to provide a privacy notice with an opt out provision or would the sharing of information be considered exempt under the marketing exemption?
I have two FACT Act questions. Has there been a delivery time period established for the NOTICE TO HOME LOAN APPLICANTS? Are there two types of forms? (One that actually gives the score and another that is a more generic notice that says they will get specific score information in the future.) The form that we are using includes the score, factors, address, phone number, etc. Is it to be delivered within 3 business days at closing? What about a prequalification? We realize that there are quite a few unknowns yet with this regulation, but we have heard various ideas for the content and delivery of this notice.