When opening a DBA account with an SSN, is there any reason to run a ChexSystems or similar report on the DBA name? Is the same true for a trust using an SSN?
Could you guide me in the right direction of finding out what the record retention is for credit reports that have been pulled?
We are dealing with the problem of credit reporting on bankrupt accounts. Our reporting is done at the loan level therefore non bankrupt co-borrowers are affected. Can we just suppress reporting?
My bank offers consumer personal loans, and we recently hired a new underwriter for mortgage and consumer loans. Our new underwriter is saying that if the applicant shows no credit (no trade lines) from all 3 bureaus we must ask the applicant to supply us with four non-credit payment references. I know we have done this in the past for mortgages as we underwrite to Freddie Mac policies and this is one of their requirements to establish credit, but is this something that should be done for personal loans as well? We have never done this in the past.
Should ChexSystems be run on POAs, Rep Payees, Executors, any fiduciaries?
Is it mandatory to give the customer an adverse action notice when turned down for a deposit account? If so, should the agency we collected the info from provide the forms?
We were advised that we should order joint consumer credit reports for unmarried applicants living at the same address. Does it follow that we should order individual reports for married applicants living at separate addresses? This would ensure that the determining factor is residence, not marital status.
We have a customer who has been in Afghanistan for the past 5 years due to their being in the military. The customer has come back to the United States and has discovered unauthorized withdrawals which took place 5 years ago - about a month after they were deployed. Are we in compliance if we deny the claim, or we obligated to pay due to fact our customer was not receiving statements to Afghanistan. The account was charged off in 2007 and customer discovered this on her credit report.
We pull a report (not a credit report) prior to opening checking accounts for new clients. This report only contains information on checking account closures, it is not a credit report, nor do we use this report in credit decision. We have recently changed the adverse action from when we refuse to open a checking account because of information contained in this report, but it mirrors the form we give to our loan clients. Where do we find, definitively, what needs to be included in this Adverse Action notification. Again, there is no credit decision, nor is there any credit information contained in the report received.
I have a customer who is involved in a divorce. Are they allowed to pull a credit report on the spouse that they are divorcing?