03/10/2024
We are transitioning to a new loan software program and have noticed the Negative Information Disclosure document provided at closing is not providing a signature line for the borrower to sign. Our current loan software has the signature line that isn't removable so we have always assumed it was required. I cannot find any information in the regulation that a signature is required. 1) Is a signature required and 2) If it is not required to obtain signature, is it required that we retain a copy of it with the closing package to show examiners it was provided at closing? It just seems odd from what we have always seen and would like to know if we should request a signature line be added.
05/21/2023
How many years should Deed in Lieu of Foreclosure coding stay on a credit report? Our customer is referring to the Rocket Mortgage website which states 4 years but I can't find confirmation on any of the credit bureau websites or CDIA/metro II guide.
11/06/2022
Our lender input the wrong customer information and pulled a credit report. How do we handle this application this loan now that we have pulled credit? Can it be "withdrawn - taken in error" and submit a form to have credit bureau pull corrected?
08/14/2022
Credit Reporting Loans to Minors
07/12/2015
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?
01/26/2015
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?
05/26/2014
When a customer files bankruptcy, can we report the loan as being charge off or does it have to be as bankruptcy?
05/12/2014
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?
04/21/2014
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.
07/08/2013
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?