08/15/2011
Can you require someone to "un-freeze" their credit bureau in order to open a depository account?
08/01/2011
A bank charges a $20 credit report fee for consumer real estate loans, but the fee is actually less. Should the amount that is in excess of the actual cost be considered a finance charge for Reg Z purposes? I realize there is a huge RESPA issue in this practice as well.
08/01/2011
We want to start offering OD LOCs to our customers on automatic approval based on the customers QualiFile score with ChexSystems. We do not want the customers to have to apply for this, but rather, offer them the product after we have run them through ChexSystems and determined that they are qualified. What type of disclosures do we need for this? Do we need to have wording on the checking account application stating that we will use the ChexSystems report for this? Do you have any examples that you can give me?
05/09/2011
We do not pull credit reports on potential borrowers who use a CD to fully secure the loan. Is there any reason why we should? Should we pull a credit report on everyone in order to provide them with their score (credit score disclosures) and possibly alert them to identity theft?
04/25/2011
Do you have to have a signed application before pulling a credit report? If not, is documenting "application taken by phone" enough to satisfy FCRA?
02/28/2011
Our internal policy is that the credit bureau reports for individuals are used for one year to make credit decisions within that year. This being said, we provide the "Exception Credit Score Notice" provided by Equifax for credit reports pulled since January 1, 2011. Please provide some guidance on the following scenario: A new loan is being applied for on 01/14/2011 but we are relying on a credit report dated 08/20/2010. Is the "Credit Score Notice" in this case required?
02/21/2011
If a court subpoena is received requesting any and all documents held by the bank and the bank is holding a credit report in its file for the customer, do we provide a copy of the credit report in compliance with the subpoena or do we exclude it and advise the court why it was excluded?
02/14/2011
With regard to the risk-based pricing regulation, when our mortgage department does a mortgage prequalification, a credit report is pulled, but an application has not been made. Since an application has not been made, I am assuming a credit score disclosure (this is the method we choose to use) does not have to be provided. Is this correct?
11/22/2010
We have had several conversations at my institution regarding how to complete an Adverse Action Notice when the denial is due to debt to income ratios. Some lenders feel that Section 2, FCRA, should be completed because they use the credit report to verify the debt information; therefore, information was collected from the credit report. The other opinion is that adverse information was not collected, so we should not be completing that section, but checking "Disclosure Inapplicable". What is your take on this?
11/15/2010
We have recently implemented ChexSystems for new account openings. Are there any disclosures or notifications we would need to provide to existing customers if we would like to go back and pull reports on them? Is this permissable?