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#2226443 - 11/27/19 06:04 PM Credit Score Provided on Online Banking
Bankwoman1 Offline
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Joined: Dec 2015
Posts: 550
Midwest
Any regulatory concerns we need to look at if we decide to provide a customers credit score on their online banking? It's a service provided by one of our vendors and it was recently brought up as a possible service to provide. Just trying to figure out what compliance concerns I should have, if any?

Thanks!

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eBanking / Technology
#2226494 - 11/28/19 06:01 PM Re: Credit Score Provided on Online Banking [Re: Bankwoman1]
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 72,508
Galveston, TX
Well, these has becoming a common feature of a lot of major credit cards. However, they get an updated CR on their customer under the "review" permissible purpose. It is used to determine whether or not the issuer wants to make a change to the account, such as credit limits.

"Staff believes that the “review” permissible purpose applies only where the creditor has an existing account relationship with the consumer and uses the report solely to decide whether to modify the terms of the account."

How this relates to just having an on-line banking account, I am not sure and I would be questioning the vendor as to under what permissible purpose is this information becoming available to the bank in order to pass it along to the customer.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2226526 - 12/02/19 02:57 PM Re: Credit Score Provided on Online Banking [Re: rlcarey]
Bankwoman1 Offline
Platinum Poster
Joined: Dec 2015
Posts: 550
Midwest
Thank you Randy! Can you tell me where I can find this information by any chance? I just want something to provide.

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#2226527 - 12/02/19 03:03 PM Re: Credit Score Provided on Online Banking [Re: rlcarey]
Bankwoman1 Offline
Platinum Poster
Joined: Dec 2015
Posts: 550
Midwest
Nevermind......I believe I found it!

Thanks again for your help!

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