Our bank does not report business purpose loans to credit bureaus. If we have an address discrepancy on a credit report pulled for an individual, but the loan is business purpose, are we obligated to furnish the borrower's address under Reg V, once we have reasonably confirmed it as accurate?
How should the date of first delinquency be calculated when reporting to the credit bureaus?
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.
Credit Reporting Loans to Minors
We are refinancing several mortgage properties for the same consumer at the same time. Can one credit report be pulled and used for all refinancing loan files? This provides a cost savings as we only charge for the one credit report.
We have a customer that is a victim of fraud. The customer called several different credit reporting agencies to get information and received several different answers regarding credit information. The customer wants us to pull a tri-credit report for them. Would this be a permissible purpose to pull the credit report?
We have a loan that is paid to a $0 balance. However, there is a large sum of late charges owed. Can late fees be reported as a delinquent/past due status to the credit bureau?
We have an online loan application that our members complete. It does not have a signature on it. We use that to pull credit, make the loan and the
members come in and sign loan documents. My question is do I need them to complete a loan application in person with a signature or is the on-line
I have a client (a lender) who orders their credit reports from "XYZ Data" and when a loan is declined, they list Equifax on their Adverse Action
Notice (with appropriate address and phone number) and they have now been told that because "XYZ Data" is considered a reseller of credit under the
FCRA 603(u) that they should also list XYZ Data (along with its name and telephone number) on the Adverse Action Notice. Is this true?
We use Equifax to pull our credit reports. In addition to that, they're the only company we report our customer's loans to. How can we report and possibly retrieve from all three major credit reporting agencies? I've emailed Equifax, but haven't heard anything yet.