Vendor Guru Q&A - Lending

Latest Lending - Credit Report Topics

Address Discrepancies on Credit Reports

10/08/2023

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?

Correct Past Due Loan Reporting

09/24/2023

How should the date of first delinquency be calculated when reporting to the credit bureaus?

How long is a Deed in Lieu reported

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.

Credit Reporting Loans to Minors

08/14/2022

Credit Reporting Loans to Minors

1 CR for all Refinancing Loan Files?

09/26/2021

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.

Pulling a Tri-credit Report for Fraud Victim

07/25/2021

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?

Loan w/ Zero Balance but has Late Fees

09/27/2020

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?

Signature for Online Loan Application

11/17/2019

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 application sufficient?

"XYZ Data" on Adverse Action Notice

08/25/2019

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?

Report to All Major Credit Reporting Agencies?

12/23/2018

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.

Where are Credit Card Rates Disclosed

12/03/2023

Is there any requirement to disclose the specific rates used to calculate purchase, balance transfer, and cash advance APRs in the credit card agreement, if that information is already clearly disclosed with all other required pricing information (as defined in Reg Z 1026.6(b)(2)(i) through (b)(2)(xii))? This is already provided on our Interest Rates and Fees Disclosure form provided to the applicant with the card. For example, our credit card agreement (a separate document from the Interest Rates and Fees Disclosure) includes "For the non-promotional purchase and balance transfer APR, we add X.XX% to the Prime Rate. For the cash advance APR, we add XX.XX% to the Prime Rate. However, all of this information is also disclosed on our Interest Rates and Fees disclosure, which is given to the applicant with the Account Agreement and card.

Latest Lending - Credit Report Topics

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