Charging customer fees

Posted By: Compliance Newbie

Charging customer fees - 05/11/21 04:00 PM

Is there a regulation out there that limits the amount we can charge applicants for credit reports. Let's say a couple who are not married or a brother and sister apply. Can we run these reports jointly? or if we run these credit reports individually should we only charge them for a joint credit report at closing?
Posted By: rlcarey

Re: Charging customer fees - 05/11/21 04:39 PM

I think that most credit bureaus adjusted their fee schedule a while back so that a single report was 1/2 of a joint report after all of the fair lending kerfuffle that this situation caused.
Posted By: Compliance Newbie

Re: Charging customer fees - 05/11/21 05:04 PM

Thanks
Posted By: Skittles

Re: Charging customer fees - 05/11/21 05:20 PM

And charging a couple 'who are not married' differently violates Reg B's limitations. Your bank would be treating them differently based on marital status.