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#1574923 - 07/07/11 03:27 PM
Re: AAN/Credit Score Disclosure
raitchjay
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Posts: 3,726
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Back to the counteroffer question:
would you make a counteroffer to the primary applicant saying "apply individually or with an acceptable co-applicant" and then check the denial reasons applicable to the co-applicant and check the FCRA box. Then to the co-applicant provide just the FCRA information with their credit score?
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#1574925 - 07/07/11 03:28 PM
Re: AAN/Credit Score Disclosure
CHR
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Joined: Sep 2008
Posts: 2,474
Midwest
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We are going to do like Its RC. If we use information contained in the report for our denial, then we will include but if we don't (ie length of employment, etc) then we will not include the score on the AAN.
I think if you pull a credit report and sent teh exception notice and then deny based on lenght of employment two weeks later, the score would not be completed on teh AAN. It was not used in your decision.
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#1575291 - 07/07/11 09:11 PM
Re: AAN/Credit Score Disclosure
Tesla
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Posts: 9,111
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Back to the counteroffer question:
would you make a counteroffer to the primary applicant saying "apply individually or with an acceptable co-applicant" and then check the denial reasons applicable to the co-applicant and check the FCRA box. Then to the co-applicant provide just the FCRA information with their credit score?
This sounds correct to me (i'm assuming you also mean to supply the co-applicant with denial reasons).
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#1575304 - 07/07/11 09:28 PM
Re: AAN/Credit Score Disclosure
raitchjay
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Midwest
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That is how I would take it too.
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#1575306 - 07/07/11 09:33 PM
Re: AAN/Credit Score Disclosure
ahkcompliance
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I think it's Dan that told me about using a legend of something like A (primary applicant), B (both applicants), and C (co-applicant). Would make a lot of sense in your scenario: the primary applicant would be able to see that the loan wasn't denied for anything on their part and the co-applicant would see that their credit was the reason for denial.
Last edited by raitchjay; 07/07/11 09:34 PM.
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#1575332 - 07/07/11 11:09 PM
Re: AAN/Credit Score Disclosure
raitchjay
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Posts: 228
Wisconsin
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Does the credit score disclosure on an adverse action notice apply to a loan application from a business entity, such as an LLC, Partnership, or Corporation?
Does the credit score disclosure on an adverse action notice apply to a loan application from an entity, such as a Revocable Living Trust or an Irrevocable Trust?
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#1575361 - 07/08/11 02:50 AM
Re: AAN/Credit Score Disclosure
DoorKey
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Galveston, TX
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The FCRA only applies to a "consumer" which is defined as an "individual".
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#1575479 - 07/08/11 02:32 PM
Re: AAN/Credit Score Disclosure
raitchjay
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Joined: Nov 2003
Posts: 3,726
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Back to the counteroffer question:
would you make a counteroffer to the primary applicant saying "apply individually or with an acceptable co-applicant" and then check the denial reasons applicable to the co-applicant and check the FCRA box. Then to the co-applicant provide just the FCRA information with their credit score?
This sounds correct to me (i'm assuming you also mean to supply the co-applicant with denial reasons). Yes, thank you!
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#1575480 - 07/08/11 02:38 PM
Re: AAN/Credit Score Disclosure
Tesla
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Bloomington, IN
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would you make a counteroffer to the primary applicant saying "apply individually or with an acceptable co-applicant" This is not a counter offer. You have not offered the applicant any approved credit terms. This is merely inviting them to reapply under different terms than originally applied for.
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#1575588 - 07/08/11 04:13 PM
Re: AAN/Credit Score Disclosure
Dan Persfull
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So Dan, are you saying you owe the primary and co-applicant denials (because you denied the initial request) and then you can, on the side, tell the primary to apply again? Is that right?
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#1575712 - 07/08/11 06:16 PM
Re: AAN/Credit Score Disclosure
Tesla
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Bloomington, IN
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In a nutshell yes. A counter offer is offering the applicant credit on terms different from those applied for. Telling one of the applicants you would reconsider the request if they reapplied as an individual, with collateral, co-signer, etc. is not offering them credit on different terms. IOWs you have not approved (offered) any credit terms until you reevaluate the new loan request.
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#1575873 - 07/08/11 09:02 PM
Re: AAN/Credit Score Disclosure
Dan Persfull
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Thank you for clarifying. I was considering "applicants" as "terms". My bad! Thanks again!
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#1576124 - 07/11/11 03:36 PM
Re: AAN/Credit Score Disclosure
raitchjay
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Joined: Aug 2010
Posts: 106
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So am I completely in left field with considering how this will affect our disclosure provided to employment applicants and potential deposit customers? We generally use Chexsystems (which is a CRA) to make employment and deposit account decisions.
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#1576175 - 07/11/11 04:37 PM
Re: AAN/Credit Score Disclosure
Reg Booster
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Unless Chexsystems is supplying a credit score to you, it's a non-issue in this regard.
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#1576201 - 07/11/11 05:03 PM
Re: AAN/Credit Score Disclosure
raitchjay
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Galveston, TX
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We generally use Chexsystems (which is a CRA) to make employment and deposit account decisions.
How do you use Chexsystems for employment purposes. I doubt that your contract with FIS allows this. Also, how do you provide them a copy of the Chexsystems credit report prior to making any of these employment decisions along with all the required employment disclosures????
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#1576248 - 07/11/11 05:48 PM
Re: AAN/Credit Score Disclosure
raitchjay
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It supplies us with a Qualifile score.
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#1576251 - 07/11/11 05:53 PM
Re: AAN/Credit Score Disclosure
rlcarey
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Midwest
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Randy, You are correct. Sorry - bad intel. We do obtain a qualifile score for the deposit accounts however.
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#1576258 - 07/11/11 05:56 PM
Re: AAN/Credit Score Disclosure
Reg Booster
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Galveston, TX
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#1576272 - 07/11/11 06:11 PM
Re: AAN/Credit Score Disclosure
rlcarey
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Wow...i had not read that discussion. Randy... do you hold to your opinion that since these Qualifile scores are not "used by a person who makes or arranges a loan", the issue is moot? That makes tons of sense to me, but i get in trouble for trying to use sense.
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#1576286 - 07/11/11 06:24 PM
Re: AAN/Credit Score Disclosure
rlcarey
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Posts: 108
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What if Chexsystems does provide a score? We use chexsystems for opening deposit accounts, so it is not "used by a person who makes or arranges a loan", and not used to "predict the likelihood of certain credit behaviors"......to me, it seems that they are referring to a score associated with a credit report used in conjunction with adverse action with a credit report.
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#1576305 - 07/11/11 06:52 PM
Re: AAN/Credit Score Disclosure
Ted Dreyer
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Posts: 108
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Right, but is the "score" derived from a deposit reporting consumer report considered a "credit score?" Arguably, the chexsystem score is used to predict deposit behavior, not credit behavior.
Can I convince anyone to agree?
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#1576328 - 07/11/11 07:09 PM
Re: AAN/Credit Score Disclosure
Mr. Belvedere
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Joined: Nov 2003
Posts: 3,726
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Mr. Belvedere - If you are using ChexSystems, the Qualifile Guide explains how the Qualifile number is derived. Depending on your solution- it may or may not include credit information. If you have access to that guide, I would recommend reading it and finding out how your bank's Qualifile score is being calculated.
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#1576344 - 07/11/11 07:21 PM
Re: AAN/Credit Score Disclosure
Mr. Belvedere
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Joined: Aug 2010
Posts: 106
Midwest
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Have you seen the FAQ published by FIS called "Dodd-Frank 'Fifth Factor' Disclosure"? We recieved an email today saying that they will no longer provide an adverse action notice. The FAQ makes it sound like they are in agreement that the Dodd-Frank requirements must be followed. The example they provide is a checking account with overdraft protection (non-discretionary).
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#1576349 - 07/11/11 07:25 PM
Re: AAN/Credit Score Disclosure
Reg Booster
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Power Poster
Joined: Oct 2009
Posts: 9,111
OK
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I just looked at our ChexSystems pull and saw no "Qualifile" score on there. Is that strange, or is it an optional thing?
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