What regulations cover information for furnishers of credit information to CRAs. FCRA appears to cover the majority of it, but there is one section of Reg B (1002.10) that covers the requirements for reporting spouses. Are there any other regs that discuss the requirements of the furnishers of credit information?
Under the Fair Credit Reporting Act, if a direct dispute is deemed to be frivolous or irrelevant, the Bank shall notify the consumer of such determination not later than 5 business days after making such determination. Do you have a sample of the frivolous or irrelevant notice, or can you indicate where one can be found?
When a customer files bankruptcy, can we report the loan as being charge off or does it have to be as bankruptcy?
When pulling a credit report on a consumer request, can we give the customer a copy of the full credit report or are we only allowed to give them a copy of the credit score disclosure?
I noticed on invoices on CBC credit bureaus the company is charging additional fees besides the cost of running the credit bureau. The fees include items like a $9 charge to update credit bureau records. $55 charge for something called 3 system residential mortgage. The bank passes these costs on to the customer on the GFE as credit bureau fees when the actual cost of the running the bureau is ~ $20.90. Should the bank be passing the extra charges from CBC on to the customers which do not appear to be costs of the actual bureau? No other credit bureau service appears to be adding charges to their bills.
When filling out a consumer credit score disclosure it says a credit score ranks higher than blank percent of US consumers. Where do i get the information to fill in that blank?
We had a customer wanting to know if she could qualify for 100% financing. We had her sign a credit authorization. Her scores were not high enough to qualify for the 100% financing. We did not take an application - adverse action necessary?
We would like to start charging for credit report fees at our financial institution. Are there any fair lending considerations that we should be aware of (especially where pulling joint credit bureau reports is concerned)?
If an applicant starts to apply for a mortgage loan online and early in the process authorizes a credit bureau to be pulled but then never submits the application, are we required to do anything with the information such as send a letter of notice of incomplete application and report on HMDA LAR or is this considered an inquiry that never resulted in a HMDA application?
Does the Fair Credit Report Act apply to Business accounts?