Credit offer @ DDA open: non-consumer initiated

Posted By: Banker Chick

Credit offer @ DDA open: non-consumer initiated - 08/06/13 03:07 PM

Question:
How are banks handling a cross-sell or firm offer of a credit product at DDA account opening that is not consumer initiated? Obvioulsly, if using a credit score at DDA open, the Bank is prohibited from using that same score to offer a credit product without being in violation of FCRA permissable purpose requirements.

So, my thinking is that a Pre-screening process is the only answer to the delima. I am just getting hung up on how other institutions are doing a proper pre-screening process at DDA account opening to offer a credit product that also complies with the FFIEC policy statement for prescreening.

Any ideas, vendors, or solutions?

Any input is appreciated.

Thanks,
Posted By: mh11

Re: Credit offer @ DDA open: non-consumer initiated - 09/09/13 07:16 PM

bump
Posted By: rlcarey

Re: Credit offer @ DDA open: non-consumer initiated - 09/09/13 07:17 PM

You will have to find a vendor that offers a one-off prescreening product. They are out there, but I don't recall any specific vendor.