Latest Compliance - Credit Report Topics

The Equal Credit Opportunity Act and Regulation B require creditors to notify the applicant whenever the creditor takes adverse action on an application.

Question: Can we obtain a credit report for employment purposes? We'd like to use credit reports both in the hiring process and for periodic reviews.

Consumer Identifying InformationAnd Financial Fraud

The FRB Study

The 1996 amendments to the Fair Credit Reporting Act ("FCRA") contain clarification of rules governing use of a consumer report for the purpose of developing a mailing list for product offerings.

The results are in. The FDIC has compiled the reports of violations noted in compliance examinations reported in 1996.

Question: When does the new Fair Credit Reporting Act take effect? Should we be complying with it now?

Not all of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 was burden reduction. That legislation contained major changes to the Fair Credit Reporting Act ("FCRA").

Question: Do we need to have a written application in order to pull a credit report on an applicant?

Question: As part of our routine underwriting procedure for mortgage loans, we obtain reports from an information reporting service on the status of the title that will secure the property.