FCRA

Posted By: Cowboys Fan

FCRA - 05/30/03 10:53 PM

We have a consumer who states that, under FCRA. we are obligated to follow up with the credit bureaus to ensure that they are loading our tapes immediately. I can't find anything like that - does anyone know if this is accurate?

Also, this same borrower (no late payments) is asking us to provide written responses to his inquiry regarding our bank policy on when we send tapes, how we verify that the info is accurate, how we follow up to make sure it's been updated, and on and on and on!!! What is our obligation in our response to him - how much info do we share with him, especially since he's stated that it will shared publicly?

Thank you for any help you can give - I'm ready to scream
Posted By: Dan Persfull

Re: FCRA - 05/30/03 11:22 PM

I know of no such requirement. If I'm not mistaken this is usually a contractual issue (I know a few companies still only report on a quarterly basis instead of monthly) between you and the CRA. Have the customer give you the applicable citation.

Again, IMO, you have no obligation to reveal your internal procedures to be released to the general public.

I think I'd tell this customer that his requests are now crossing the threshold into "legal territory" and request that he have his attorney contact yours, and no further information will be released without legal representation and research and since he is requesting the information he'll will be responsible for the research costs and they will have to be paid before any information is released. That usally will shut them up.
Posted By: Cowboys Fan

Re: FCRA - 05/30/03 11:42 PM

Thank you so much for your quick response - I can now have a "non-research" weekend!!
Posted By: Andy_Z

Re: FCRA - 05/31/03 04:28 AM

Perhaps the customer spoke with an attorney or law student who also recommends depositing checks as cash under the UCC to avoid holds.

Unless there is a state requirement otherwise, the FCRA isn't going to require this and when you report credit information is not the customers business, only that you report correct data.
Posted By: DeeQ

Re: FCRA - 06/01/03 12:14 PM

Quote:

Perhaps the customer spoke with an attorney or law student who also recommends depositing checks as cash under the UCC to avoid holds.





That was funny!
Posted By: Princess Romeo

Re: FCRA - 06/02/03 04:22 AM

Or perhaps he's friends with the person who wanted to open a business checking account with very shakey documentation. He claimed that "CRA mandates" we open the account for him.

I'll see your CRA, and raise you a CIP!!!
Posted By: NotALawyer

Re: FCRA - 06/02/03 03:24 PM

Good one! Wait, I'm laughing at an inside joke about (gasp) regulatory acronyms (yawn)...oh, boy...and it's only Monday...
Posted By: Princess Romeo

Re: FCRA - 06/02/03 05:24 PM

Robert - it takes very intelligent people to understand and appreciate Compliance Humor.

Keep telling yourself that. It helps.