Skip to content
GeoDataVision
Thread Options
#1508028 - 02/10/11 04:12 PM Adverse Action notices
jedeca Offline
Member
Joined: Oct 2009
Posts: 69
KY
Is it a violation to put the information below on an adverse action notice if a credit report was used for the denial?

"This section should be completed if the credit decision was based in whole or in part on information that has been obtained from an outside source.

___________________Our credit decision was based in whole or in part on information obtained in a report from the consumer reporting agency listed below. You have a right under the Fair Credit Reporting Act to know the information contained in your credit file at the consumer reporting agency. The reporting agency played no part in our decision and is unable to supply specific reasons why we have denied credit to you. You also have a right to a free copy of your report from the reporting agency, if you request it no later than 60 days after you receive this notice. In addition, if you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency."

Return to Top
Lending Compliance
#1508348 - 02/10/11 08:58 PM Re: Adverse Action notices jedeca
jlroberts Offline
Diamond Poster
jlroberts
Joined: Sep 2009
Posts: 1,579
Ohio
That is the language on the model forms......

Return to Top
#1509628 - 02/14/11 02:55 PM Re: Adverse Action notices jlroberts
jedeca Offline
Member
Joined: Oct 2009
Posts: 69
KY
Sorry I meant to say if a credit report was not used to deny the loan.
That is the language that can be put on the forms. but there is also other language that can be used.

Return to Top
#1510100 - 02/15/11 04:06 AM Re: Adverse Action notices jedeca
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,898
Galveston, TX
If a credit report was not used - you should not be including the FCRA language.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top

Moderator:  Andy_Z