I received a question from my bank's risk management department who is not familiar with trust departments. The question deals with whether or not the trust department utilizes consumer reporting agency(ies) for fraud alerts.
We don't utilize consumer reporting agencies to assist in monitoring our clients. Does anyone else?
QUESTIONS - WHETHER OR NOT....:
1. A fraud or active duty alert is included with a consumer report.
2. A consumer reporting agency provides a notice of credit freeze in response to a request for a consumer report.
3. A consumer reporting agency provides a notice of address discrepancy, as defined in the regulation.
4. A consumer report indicates a pattern of activity that is inconsistent with the history and usual pattern of activity of an applicant or customer (such as a recent and significant increase in the volume of inquiries, an unusual number of recently established credit relationships, a material change in the use of credit, especially with respect to recently established credit relationships, or an account that was closed for cause or identified for abuse of account privileges by the organization or a creditor).