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What should be included in address discrepancy procedures?

What should be included in address discrepancy procedures?

According to the Office of Thrift Supervision, there are simple questions examiners will ask financial institutions to determine if they are in compliance with address discrepancy procedures: does the institution recognize the address discrepancy; does it confirm that it relates to the consumer; does it furnish the correct address for the consumer to the credit reporting agency; and, does the bank report during the appropriate reporting period. Every financial institution should be able to answer these questions regarding their policy towards address discrepancies.

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First published on 09/08/2008

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