Skip to content
GeoDataVision
Thread Options
#1775577 - 01/11/13 08:30 PM Providing customer with their credit report
Lucysmom Offline
New Poster
Joined: Jan 2013
Posts: 2
One of my employees at a bank (not mortgage broker) gave a customer her credit report that we had pulled with customers permission to prequalify her for a mortgage. Our new compliance officer said that it is against FCRA policy to do so.
I think: I disagree that we are in violation of Fair Credit since we are not a Consumer reporting agency.And
all of our credit reports have this statement:
This report is governed by the Gramm−Leach−Bliley Act. It does not constitute a consumer report as defined by the Fair Credit Reporting Act (FCRA) and is not subject to the FCRA.

Please tell me who is right?

Return to Top
#1775623 - 01/11/13 09:18 PM Re: Providing customer with their credit report Lucysmom
Dan Persfull Online
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,957
Bloomington, IN
all of our credit reports have this statement:
This report is governed by the Gramm−Leach−Bliley Act. It does not constitute a consumer report as defined by the Fair Credit Reporting Act (FCRA) and is not subject to the FCRA.


I've never seen this on a consumer report. Is this something you add to the report before giving it to the consumer? If so it doesn't protect you at all. If you are giving a copy of the report you obtained from the Credit Reporting Agency then it's a consumer report regardless what you may call it or disclaimers you place on it.

Now with that said the FCRA does not prohibit you from providing the report to the consumer but your contract with your CRA may, and if it does then you are in breach of contract with them and could have monetary liability.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#1775683 - 01/11/13 09:58 PM Re: Providing customer with their credit report Dan Persfull
Lucysmom Offline
New Poster
Joined: Jan 2013
Posts: 2
our credit provider is CBC Innovis and this is a blanket statement that they have placed on every credit report we pull.

Return to Top
#1775700 - 01/11/13 10:09 PM Re: Providing customer with their credit report Lucysmom
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,912
Galveston, TX
There are out of their minds. I would be calling them and asking exactly what that is suppose to mean.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1883093 - 01/03/14 08:32 PM Re: Providing customer with their credit report Lucysmom
biz Offline
Diamond Poster
Joined: Nov 2005
Posts: 1,032
Midwest
This notice appears on the ID Cross Check version of the report. It is not in the actual credit report provided. Each section is separately numbered.

Return to Top
#1883192 - 01/03/14 11:53 PM Re: Providing customer with their credit report Lucysmom
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,912
Galveston, TX
I have no idea what "ID Cross Check version of the report" might be, so it is hard to opine. By the way, while you may be allowed to give the consumer their report, I know of no banks that actually do. They can get them for free on-line.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1883193 - 01/03/14 11:57 PM Re: Providing customer with their credit report Lucysmom
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,281
From their website, it is the ID verification service. That particular report would not be a consumer report, pulling from public databases, but only that particular report. The actual credit report would be a consumer report.

"A real-time resource for ID verification and fraud detection, Authentication/Cross Check reports provide concise information in an easy to interpret, color-coded format.

Identify Red Flags
Validate Name, Address, SSN, DOB & Phone Number
Check Multiple Watch Lists (including OFAC)
Detect High Risk Address
Confirm SSA Issuance & SSA Death Master"

_________________________
Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

Return to Top
#1883195 - 01/03/14 11:59 PM Re: Providing customer with their credit report Lucysmom
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,912
Galveston, TX
Why would you ever want to hand that to a consumer????
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1883197 - 01/04/14 12:08 AM Re: Providing customer with their credit report Lucysmom
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,281
I certainly would not. Perhaps the entire report, including this part was handed over. Not a good idea.

Additionally, from what I can see, only this section is not a consumer report. The standard report most certainly is.

The bank needs a better understanding of the report(s) it is obtaining and proper handling.
_________________________
Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

Return to Top