Could you guide me in the right direction of finding out what the record retention is for credit reports that have been pulled?
Our bank uses Chex Systems to help determine if we are going to
open an account for a customer or not. In our procedures, it shows we will
open an account unless Chex Systems Account Action reflects Decline, whether
or not there are closures for the individual. My question is, if we see there are closures, but the Qualifile Score happened to be in our acceptable range where it approves the account, are we still able to deny the account due to the Chex Systems results, or is this unfair practice? If we can't deny accounts due to closures that have an acceptable Qualifile score, can we rewrite the process to say any individual with an unpaid closure can be declined to make it fair?