Posted By: Many Hats
Score on AANs and the credit score disclosure - 03/14/12 01:46 PM
Just trying to confirm whether a credit score disclosure is required for the following:
-consumer purpose loan to purchase musical equipment
-turned down for limited credit experience and excessive obligations in relation to income
-date of AAN is October 2011
My understanding is that since the decision was made in whole or part based on information in a credit report, the score needs to be on the AAN along with the factors, range of scores, etc. AND, it's also my understanding that the applicant should be provided with the credit score disclosure document (the one that shows the score, how it compares to national averages, etc.).
Is my understanding correct?
-consumer purpose loan to purchase musical equipment
-turned down for limited credit experience and excessive obligations in relation to income
-date of AAN is October 2011
My understanding is that since the decision was made in whole or part based on information in a credit report, the score needs to be on the AAN along with the factors, range of scores, etc. AND, it's also my understanding that the applicant should be provided with the credit score disclosure document (the one that shows the score, how it compares to national averages, etc.).
Is my understanding correct?