12/24/2023
When sending an adverse action letter for joint applicants with different reasons for denial, can I use two letters (one for each applicant) for all denial reasons combined?
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?
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 Can it be "withdrawn - taken in error" and submit a form to have credit bureau pull corrected?
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?
06/20/2021
The Notice of Negative Information and the Notice of Inaccurate Information..Are these both required on commercial real estate loans?
06/20/2021
The Notice of Negative Information and the Notice of Inaccurate Information..Are these both required on commercial real estate loans?
05/03/2020
Is the notice to home loan applicant required if the request is denied within 3 days?
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?
06/30/2019
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.
01/08/2017
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?