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#1947306 - 07/30/14 04:08 PM AAN Keyfactors
dac Offline
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Joined: Sep 2009
Posts: 234
If an application is declined because of excessive obligations in relation to income and credit was pulled must we disclose the key factors. The credit score was not used in our credit decision.

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#1947334 - 07/30/14 04:37 PM Re: AAN Keyfactors dac
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,333
Since the obligations used in calculating the DTI were taken from the credit report and the obligations affect the score, we disclose the score information. I don't know if that's right or not. I think for sure, you should check the box that says the bank used information in the credit report for making the credit decision, but provide score info?....not sure.

Anyone???
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#1947387 - 07/30/14 05:47 PM Re: AAN Keyfactors dac
JWills, CRCM Online
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JWills, CRCM
Joined: May 2013
Posts: 1,759
The Mitten State
Originally Posted By: dac
If an application is declined because of excessive obligations in relation to income and credit was pulled must we disclose the key factors. The credit score was not used in our credit decision.


In this case, we do not disclose the scores or the key factors.

We only disclose the score and the factors if the score was a factor (say a score below 600)
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#1947522 - 07/30/14 07:57 PM Re: AAN Keyfactors dac
ahkcompliance Offline
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Joined: Sep 2008
Posts: 2,470
Midwest
We the same as swiggles.

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#1947596 - 07/30/14 09:29 PM Re: AAN Keyfactors swiggles
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,898
Galveston, TX
Originally Posted By: swiggles
Since the obligations used in calculating the DTI were taken from the credit report and the obligations affect the score, we disclose the score information. I don't know if that's right or not.


Not correct, you didn't use the score.

Originally Posted By: swiggles
I think for sure, you should check the box that says the bank used information in the credit report for making the credit decision, but provide score info?....not sure.


That is correct, you check the box saying you used the report.

You still did not use the score.
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#1947678 - 07/31/14 01:41 PM Re: AAN Keyfactors dac
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,333
Thanks, Randy.
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