Skip to content
BOL Conferences
Thread Options
#155497 - 01/30/04 07:11 PM FCRA Question
Anonymous
Unregistered

OK- It seems like I remember that the FCRA required lenders to disclose some verbiage to the applicant on the lines of "we advise you that a routine inquiry may be made in processing your request for an extension of credit which will provide applicable information concerning your credit worthiness......"

Is this in fact a requirement of the FCRA or just something of common practice of lenders but not a requirement of the FCRA? I thought it was required but I can't find it in the Act.

Return to Top
#155498 - 01/30/04 08:12 PM Re: FCRA Question
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
This is NOT a requirement of the Act. In my experience as a consultant, most banks do provide something like this authorization, but not all.
_________________________
David Dickinson
http://www.bankerscompliance.com

Return to Top
#155499 - 01/30/04 09:00 PM Re: FCRA Question
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,748
On the Net
I agree with David. I think it is meant to provide applicant's with info and possibly reduce follow up questions.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top