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#21488 - 06/21/02 02:59 PM Adverse Action Notices

In a recent review of AA Notices it was discovered some of the notices (at some branches all of the notices going back several months) contained the wrong address for the Credit Bureau where the credit reports were obtained. What should we do now? Send letters to customers letting them know of the mistake? Just do it right from here forward with no corrective action?

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Lending Compliance
#21489 - 06/21/02 03:15 PM Re: Adverse Action Notices

If you also listed a phone number, and the phone number was correct, you should let it sit and send correct notices from here on. It probably isn't necessary to go back and resend notices. The customer with a concern would probably contact you if their letter to the bureau was returned. There really isn't a requirement that you re-notify with the correct address.

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#21490 - 06/21/02 09:09 PM Re: Adverse Action Notices
JSD Offline
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Joined: Oct 2000
Posts: 512
I agree b/c most individuals will start the process by telephone.

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#21491 - 06/21/02 09:43 PM Re: Adverse Action Notices
Andy_Z Offline
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A re-notification is more likely going to confuse the borrower and add salt to a wound by reminding them that they didn't qualify.

I would ensure the correct data is shown now and that employees be educated to properly handle any calls resulting from the erroneous data.
My opinions are not necessarily my employers.
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