We pull a credit report when opening a new account. When we receive an alert that the provided address is not a match, we do not have a way to report the corrected address. On the loan side we put in a code into our Core System and when the loan reports monthly, it also reports address confirmed.

We called Equifax and they were absolutely no help. They said something about registering for batch uploads. We are a very small community bank and open approx. 10-15 accts per month, of which 1 may not have the correct address.

I found in the reg the following: "The accurate address must be furnished as part of the information the user regularly reports to the consumer reporting agency for the reporting period in which it establishes a relationship with the consumer"

So...... since we do not report on checking and savings accounts are we still required to report the confirmed address?

Wow, sorry this was so lengthly (and spelling errors).

The quick answer would be no. However, why are you using one of the nationwide credit reporting firms to open deposit accounts. It must be much more expensive than other credit reporting systems, such as ChekSystems, that specializes in deposit related activity. A customer might have a dozen charged off deposit accounts around town, and it would never be reflected on their credit reports from these agencies.

We are thinking about switching to that, because you are correct almost 7.00 cheaper per report.