Is the notice to home loan applicant required if the request is denied within 3 days?
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?
If a loan is denied due to collateral value, would the adverse action notice include that an outside source was used in the decision and the outside
source was the appraiser? I believe the appraiser would NOT be an outside source for this purpose.
If there is a fraud alert on the consumer credit report, is the creditor required to attempt to contact the consumer at the phone number on the fraud alert message, or can the creditor just decline the application and not bother with trying to contact the consumer?
If a borrower was denied credit for insufficient income (non credit score related),
does the credit /score disclosure need to be included with the denial letter?
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?
I am wondering what part Regulation V plays in FCRA and FACTA? I have been asked to review this for my next test and would like a little more insight into it.