If you used the credit report to confirm debts for your DTI calculations, then you used the credit report and you must disclose that information in the credit report contributed to the denial.
Reporting FCRA Info on Adverse Actions
I understand that you must report the FCRA info on adverse actions if you used information from a credit report to deny the loan, but does this include using the debt listed on the credit report as well? We did not deny based on the credit score (over 700) but did deny due to excessive obligations in relation to income.
First published on 08/16/2020