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#2229935 - 01/30/20 04:33 PM Credit Score Disclosure
Comprunx3 Offline
Member
Joined: Oct 2015
Posts: 86
Can a Loan Officer tell an applicant their credit score.

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#2229972 - 01/30/20 08:49 PM Re: Credit Score Disclosure Comprunx3
ComplyCycle Offline
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ComplyCycle
Joined: Dec 2014
Posts: 377
We may be overly conservative since we don't allow MLOs to provide the credit report itself to applicants, but we do allow MLOs to share information on the credit report with the applicant. We also allow MLOs to review the credit report with applicants as a benefit to the applicant as a form of credit education. To my knowledge, there's no reason why MLOs cannot verbally share credit report information, including the score, with the applicant.

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#2231136 - 02/17/20 04:33 PM Re: Credit Score Disclosure Comprunx3
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
I agree. There is no regulatory prohibition form sharing a credit score with the customer. Check the contract with your credit reporting to see if they prohibit it.
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David Dickinson
http://www.bankerscompliance.com

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#2231580 - 02/24/20 11:15 PM Re: Credit Score Disclosure Comprunx3
liventhedream Offline
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Joined: Mar 2006
Posts: 172
To follow-up to this question can a lender discuss other information on the credit report with the applicant. Say they are turned down due to another banks collection item. Can the lender share that collection information that is on the credit report with the applicant?

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#2231581 - 02/25/20 12:32 AM Re: Credit Score Disclosure Comprunx3
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,567
Galveston, TX
A CRA can not restrict the sharing of information from the credit report with the consumer. They can however restrict the actual delivery of the credit report.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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