ITPP - responding to credit freezes

Posted By: Many Hats

ITPP - responding to credit freezes - 06/25/08 03:28 PM

I am working on our responses to the red flags from the standpoint of the loan origination process.

For example, if a credit report is pulled and we notice that there is a credit freeze.....what should we do? It seems like they want all banks to come up with their own idea of how it should be handled, but HOW DO THEY WANT IT TO BE HANDLED is the question. If I see a credit freeze, I would call up the customer and ask them about it. I am sure there's probably a better answer and I'd just like to see some examples of potential responses.
Posted By: RR Joker

Re: ITPP - responding to credit freezes - 06/25/08 05:49 PM

To my knowledge, you have little choice. The customer is the only one that can unlock the freeze (and a fee is involved, from what I've been told).
Posted By: Many Hats

Re: ITPP - responding to credit freezes - 06/25/08 06:25 PM

Ok...thanks!