Reg B This is regarding the changes in the Uniform Residential Loan Application. Do you know if anyone is taking into account (while changes are being made) the changes that will be put in place by the USA Patriot Act? I am referring to the additional information required to be collected at application to identify the borrower.
Question: We pull credit reports before issuing a debit card. Is this OK?
If an application is denied for reasons other than credit, but a credit report was pulled, are we required to disclose the credit bureau's address?
We charge the customer for our credit bureau reports and our flood determinations. How should this be disclosed on the HUD1? What amount needs to be disclosed, the actual cost to us or the amount we charge the customer?
We have denied someone credit based on their credit report scores, bankruptcy and collections. They have requested a copy of the credit report from us. Are we obligated to give them a copy, or may we refer them to the credit agency to obtain a copy?
When we pull credit reports, the actual office it comes from varies from place to place for some reason for the same credit bureau. On the adverse action notices, should we use a single address for the credit bureau (such as the national headquarters ) or should we use the address for the particular office from where the credit report originated?
Regulation B tells creditors that they must inform credit applicants of the specific reasons for denial. This requirement is not new. It has been in place for a quarter of a century.
Question: I have heard lots of different opinions on whether a bank can give a customer a copy of the customer's credit report.
Meeting for the third time this year, the Fed's Consumer Advisory Council made identity theft its leading topic.
Creditors have been using credit scoring to make credit decisions for several decades. Most of the older credit scoring systems were developed for internal use by a single creditor.