Skip to content
BOL Conferences
Thread Options
#2273564 - 07/29/22 02:34 PM Key Factors
lisawin Offline
Member
Joined: Sep 2015
Posts: 77
Mississippi
When listing the key factors on the Credit Score Exception Notice, do they need to be in the exact order as they are listed on the credit report?

Return to Top
#2273565 - 07/29/22 03:47 PM Re: Key Factors lisawin
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
Not that I am aware
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2283158 - 04/07/23 03:43 PM Re: Key Factors lisawin
Maggie80 Offline
Member
Joined: Apr 2011
Posts: 70
Good morning.
Can someone please direct me to the regulation and section that references the info about the FACTA notice being the 5th factor on an adverse action notice.
We have always use the language from the credit report under the reasons: FACTA: NUMBER OF INQUIRES AFFECTED THE SCORE as the 5th reason if it is no the report.

Now it is pulling in as: FACTA: THE NUMBER OF INQUIRIES ON THE CONSUMERS CREDIT FILE HAS ADVERSELY AFFECTED THE CREDIT SCORE WITH NON DEROGATORY INFORMATION FOUND ON THE FILE which is found earlier in the credit report under FACTA Regulatory Messages.

I can't find or remember where that FACTA info needing to be in the adverse action came from so I can see if it references specific language.

Thanks so much.

Return to Top
#2283164 - 04/07/23 04:35 PM Re: Key Factors lisawin
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
Section 609(f)(9).

There is no promulgated language. All you have to say is Number of Inquiries or as the FCRA says "Enquiries"
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2283166 - 04/07/23 04:44 PM Re: Key Factors lisawin
Maggie80 Offline
Member
Joined: Apr 2011
Posts: 70
Thank you so much.

Return to Top