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#35945 - 10/04/02 06:51 PM California 655
Suwannee Offline
Platinum Poster
Suwannee
Joined: Jun 2002
Posts: 641
Florida
I have another question about California. 655 states:

"This bill would provide that any person who uses a consumer credit report in connection with a credit transaction, and who discovers that the address on the report does not match the address of the consumer requesting or being offered credit, shall take reasonable steps to verify the accuracy of the consumer's address, and may, at its option, call or write the consumer to confirm that the credit transaction is not the result of identity theft."

Now, for my question. If the lender pulls more than one report on the borrower on the same loan (repulls), is the lender required to do the address verification check for each repull?

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When you lose, don't lose the lesson.

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#35946 - 10/07/02 09:32 PM Re: California 655
Miss Kitty Offline
Platinum Poster
Joined: Mar 2002
Posts: 721
California
If you have an existing credit, and you repull a credit bureau report and notice the address does not match, yes you would contact the applicant and verify this before you go further. If the address is different from the previous record pulled under the bill you are required to verify the address. If Identity Theft is suspected it would give your customer the chance to block the account.

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#35947 - 10/08/02 12:19 PM Re: California 655
Suwannee Offline
Platinum Poster
Suwannee
Joined: Jun 2002
Posts: 641
Florida
I am referring to someone opening new credit. If, for some reason, the lender has to pull credit more than once during the application, is the lender required to do the address verification every time they pull credit?
_________________________
When you lose, don't lose the lesson.

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#35948 - 10/08/02 05:24 PM Re: California 655
Miss Kitty Offline
Platinum Poster
Joined: Mar 2002
Posts: 721
California
Suwannee -
Once we verified the correct address with the customer and have our file documented we wouldn't do it again. We would however recommend the customer contact the credit reporting agency to correct the address.

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#35949 - 11/06/02 10:57 PM Re: California 655
Tina A Sweet Offline
Diamond Poster
Tina A Sweet
Joined: Aug 2001
Posts: 1,033
Marysville, Ca.
Cheryle:

How are you documenting the files in this area. On the comment sheets or are you completing some type of form?

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Tina A Sweet-Williams
AVP Special Assets
mailto:tsweet@goldcountrynb.com

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#35950 - 11/06/02 11:04 PM Re: California 655
Tina A Sweet Offline
Diamond Poster
Tina A Sweet
Joined: Aug 2001
Posts: 1,033
Marysville, Ca.
Is this a SB or AB bill? I need to take a good look at it.
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Tina A Sweet-Williams
AVP Special Assets
mailto:tsweet@goldcountrynb.com

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#35951 - 11/07/02 03:14 PM Re: California 655
Al Miller Offline
Diamond Poster
Al Miller
Joined: Oct 2000
Posts: 2,416
Pleasanton CA USA
Tina, if you don't know, just leave it blank. Go to:

http://www.leginfo.ca.gov/bilinfo.html

and enter the 655. SB 655 has to do with transportation. I suppose it is remotely possible that the same numbered SB and AB would apply to banks, but I've never seen it.
_________________________
Al Miller, CRCM
Opinions expressed are my own and not necessarily shared by my employer.

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#35952 - 11/07/02 04:06 PM Re: California 655
Tina A Sweet Offline
Diamond Poster
Tina A Sweet
Joined: Aug 2001
Posts: 1,033
Marysville, Ca.
Thanks Al, I'll give that a try. Have a good one!
_________________________
Tina A Sweet-Williams
AVP Special Assets
mailto:tsweet@goldcountrynb.com

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#35953 - 11/07/02 07:31 PM Re: California 655
Anonymous
Unregistered

Tina -
We're noting on the credit report the address does not match the address of the application - we're also documenting the Ln. Officer's contact w/borrower verifying the address. If a copy of the credit bureau is used for a new credit application the address verification etc. will be on the copy and visible for future reference.

The conversation log should also be documented - what are the chances of a copy of the conversation log verifying the address making it to the new file with the copy of the credit bureau? Maybe, maybe not and I wouldn't want to take that chance, so it's easier to make the notation on the actual credit bureau report.

Cheryle

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