Is a notice of action taken required when declining an application for a debit card?
I have a question about sending an adverse action notice to a minor. The minor was in to open up a free checking account with her mother but was denied due to the mother having NSF activity. Do we just send a notice to the mother or is it required to send one to the daughter as well?
Question: When a loan has two borrowers who live at different addresses does the bank need to provide the negative information notice to both individuals, or is one sufficient?
If a consumer credit report is pulled on an owner of a business for credit card processing purposes, if turned down due to information on the credit report, is an adverse letter required?
The Fair Credit Reporting Act section 605(g) says no more than last 5 numbers of the card number may be printed on receipts or the expiration date. We just had a new Cash Advance machine put in use. It truncates the account number but still prints the expiration date. It seems the machine will be in violation if the expiration date remains on the receipts. Is that correct?
Evaluating an institution's compliance with privacy requirements is one of those things that is simply difficult to get a handle on.
Can our Lending department use a credit report from our mortgage department to offer a pre-approval Home Equity to a customer? Is there a section in the FACT Act that addresses this and can you refer me?
Does disclosing credit bureau scores only apply to real estate mortgage loans?
When someone applies for credit, there are notices that the creditor must send to them. The content varies with each notice. So does the timing.
Although the medical information rules are placed under the umbrella of the Fair Credit Reporting Act, the necessary steps for compliance are not as straightforward as those traditionally used for