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.
09/23/2018
Can you report a business debt under an LLC or corporation under the guarantors credit report?
07/22/2018
1. Do you need a new credit application for commercial loans that are
renewals, extensions or change in terms on an existing account?
2. Do you need permissible purpose to pull a credit report on commercial loan
renewals, extensions or change in terms on an existing account?
04/01/2018
We are going to offer Partition HELOC loans (a main HELOC and fixed rate partitions). How are these reported to the credit bureau? Just the main HELOC and the fixed rate partitions or just the main HELOC?
09/24/2017
A customer completed a consumer application to refinance their vehicle. The lender did not run a credit report because after interviewing the borrower and running a value on the vehicle she determined the borrower did not have sufficient equity to refinance. She only has 'insufficient collateral' as a reason. A senior lender is telling her she needs to have two reasons and must run a credit report. Is there a regulatory requirement for two reasons or that a credit report MUST be run in order to give an adverse action?
03/12/2017
In the event when a joint credit report is pulled for a joint application, but then the loan is restructured using only one of the borrowers and the credit report is unmerged to obtain only the individual borrowers credit data, can the lender collect the charge for both invoices from the borrower (the invoice for the original report and the invoice for the unmerge service)?
03/05/2017
My bank is currently looking into accepting application online. One of the requirements is that the application would need to be e signed so we have a completed application and a signature to pull credit. I am not sure where to start on if we need a new policy for this or what disclosure we would need to provide to our customers.
11/13/2016
If you have a loan in an individual name, the repayment source is business income or global cash flow, what do you use to determine the Revenue Code for CRA reporting? The cash flow shows his individual wages are $50,000, two businesses are also listed on his cash flow, one shows total sales is $250,000 and the other is $1,100,000. What would the revenue code be?
07/10/2016
Can you pull a credit report for a commercial purpose loan before you have a signed financial statement or loan application?
05/01/2016
If a bank pulls a credit report on a home loan but absorbs the cost and doesn't charge the borrower, it used to be reported as POC by Lender. How does it get reported on the New Loan Estimate and/or Closing Disclosures?