When the bank pulls a credit bureau report for a loan application, is the bank allowed to give a copy of the report to the borrower?
If we report our ODP accounts to the credit bureau and one gets charged off, what is the regulation for how many months can it be reported?
Do you provide a score, contained in a Chex Systems report, in an adverse
action notice for deposit accounts?
I'm working on our deposit audit and am confused by the definition of a
credit score. Section 615 of FCRA refers you to 609 (f)(2)(A) for this
(A) CREDIT SCORE.--The term "credit score"--
(i) means a numerical value or a categorization derived from a statistical
tool or modeling system used by a person who makes or arranges a loan to
predict the likelihood of certain credit behaviors, including default (and
the numerical value or the categorization derived from such analysis may also
be referred to as a "risk predictor" or "risk score"); and
(ii) does not include--
(I) any mortgage score or rating of an automated underwriting system that
considers one or more factors in addition to credit information, including
the loan to value ratio, the amount of down payment, or the financial assets
of a consumer; or
(II) any other elements of the underwriting process or underwriting
FCRA, Credit Score, Credit report
If a written direct dispute relating to credit reporting is received there are clear procedures that must be followed. What about oral disputes? If an oral dispute is received must the financial institutions promptly update its credit reporting to reflect that the account is disputed? If so, would it have to be listed as disputed even if the financial institution does not agree with the dispute?
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?
My question pertains to authorized signers. Is it ever okay to run chexsystems on an authorized signer for any type of account? I have found the answer for commercial accounts, but does the same go for personal, joint, club, estate, trust accounts, etc?
If a bank pulls a credit report on a home loan but absorbs the cost and doesn't charge the borrower, it used to be reported as POC by Lender. How does it get reported on the New Loan Estimate and/or Closing Disclosures?
Can a bank order a credit report for a customer without an extension of credit or opening an account and collect from them the pass-through fee?
We are dealing with the problem of credit reporting on bankrupt accounts. Our reporting is done at the loan level therefore non bankrupt co-borrowers are affected. Can we just suppress reporting?
If a borrower was denied credit for insufficient income (non credit score related),
does the credit /score disclosure need to be included with the denial letter?