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#2262549 - 11/16/21 04:54 PM Credit Score Disclosures Commercial Loans
Compliance1 Offline
Platinum Poster
Joined: Mar 2006
Posts: 648
I am sure this question has come up before but it has to do with delivering the Credit Score Disclosure Notice to indviduals who apply for a commercial loan.

I understand that the commercial loan does not have a consumer purpose but we do have individuals, who we pulled credit on, applying for the loan.

Are we required to provide the Credit Score Disclosure Notice to these individuals?

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#2262551 - 11/16/21 05:04 PM Re: Credit Score Disclosures Commercial Loans Compliance1
Inherent_Risk Offline
Gold Star
Joined: Jan 2017
Posts: 358
No. Both sections that require this disclosure (RBP exception and 609g) are limited to consumer purpose. You will have to provide an AAN if the are denied if the applicant is an individual and the credit report was used in decisioning.

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