FACTA Disclosure for Loss Mitigation Actions?

Answered by:

Question:

In regards to FACTA and loan servicing: Are Servicers required to send a disclosure when obtaining a credit report for loss mitigation actions?

Answer:

Answer from Randy: None that I am aware unless you take adverse action.

Answer:

Answer from Andy: And just to be clear, FACTA is a part of the FCRA and Reg V. So these are the two areas (the FCRA and Reg V) you would review for a. permissible purposes to access a credit report and b. actions necessary based on the report.

First published on BankersOnline.com 2/4/13