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#179476 - 04/14/04 01:13 PM Giving out Credit Bureau Reports
Anonymous
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Our bank denied a woman's loan request and when she called the CB's 800 number to get a copy they told her it would cost $5 and that the lender can give her a free copy. I thought the CB had to send her a free report.

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Lending Compliance
#179477 - 04/14/04 01:41 PM Re: Giving out Credit Bureau Reports
redsfan Offline
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Either the CB people gave her the wrong info, or she didn't inform them she had been been denied credit. Your assumption is correct.
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#179478 - 04/14/04 03:39 PM Re: Giving out Credit Bureau Reports
Beagles22 Offline
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I'll second that. We never give out copies of the credit reports. Our agency (Trans-Union) due to our contract actually won't allow us to give out even a copy. We used to but not any more.
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#179479 - 04/14/04 05:04 PM Re: Giving out Credit Bureau Reports
Andy_Z Offline
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Quote:

I'll second that. We never give out copies of the credit reports. Our agency (Trans-Union) due to our contract actually won't allow us to give out even a copy. We used to but not any more.




607(c) of the FCRA: Disclosure of consumer reports by users allowed. A consumer reporting agency may not prohibit a user of a consumer report furnished by the agency on a consumer from disclosing the contents of the report to the consumer, if adverse action against the consumer has been taken by the user based in whole or in part on the report.

I am not a lawyer, but I'd say the law trumps the contract. As to wanting to do this, I have expressed my opinion several times before on the threads. Suffice it to say, not a good idea.

Apart from that and on the original question, miscommunication.
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#179480 - 04/14/04 05:11 PM Re: Giving out Credit Bureau Reports
redsfan Offline
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Andy, I would say there is a difference between "disclosing the contents" and "providing a copy."

I can tell the applicant what's in the report, as the statute indicates. But that doesn't mean I am free to give the customer a copy of the report.
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#179481 - 04/14/04 05:23 PM Re: Giving out Credit Bureau Reports
Andy_Z Offline
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That is not a defined term which could be argued either way.
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#179482 - 04/23/04 01:45 PM Re: Giving out Credit Bureau Reports
Anonymous
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If you pull a report of which you want to discuss for instance, delinquencies, with the customer, can you discuss specifics of the report and/or show them a copy but not give them a copy since you have not yet taken adverse action, but are in the underwriting stage?

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#179483 - 04/23/04 03:05 PM Re: Giving out Credit Bureau Reports
Andy_Z Offline
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As to the FCRA, adverse action is a technical requirement.
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AndyZ CRCM
My opinions are not necessarily my employers.
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Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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