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#2146354 - 09/15/17 07:49 PM Reason for Denial - Repo
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,333
I am reviewing a loan denial. There is an account on the credit report that says "voluntary surrender" of a vehicle and a huge charged off amount. Should the reason for denial be "foreclosure or repossession" or does the fact that it's voluntary mean that the reason for denial should just be "delinquent credit."
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Lending Compliance
#2146379 - 09/15/17 09:27 PM Re: Reason for Denial - Repo swiggles
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,333
Anyone?
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The more you sweat in training, the less you bleed in battle.......

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#2146382 - 09/15/17 09:43 PM Re: Reason for Denial - Repo swiggles
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,895
Galveston, TX
Whether you popped the car or they gave it to you voluntarily, it is still a repossession.
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#2146384 - 09/15/17 09:55 PM Re: Reason for Denial - Repo swiggles
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,333
Thank you, Randy. That WAS the rule at my prior bank, but doesn't seem to be here. I will get that changed.
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