My Credit Union wants to start using the FICO score as criteria for opening new deposit accounts. I researched and under the FCRA Section 604(a)(3)(A) and/or 604(a)(3)(F)(i) and it appears a FI can do this.

Would I be correct in my research? Also, under the FCRA, if you decline a an account when a credit report is involved in the decision you have to provide a AA notice.

Are others using FICO in their opening processes? What are you procedures?

Phil Weiss, CAMS

My opinions are my own and not that of my employer.