08/08/2011
I have a customer who is involved in a divorce. Are they allowed to pull a credit report on the spouse that they are divorcing?
06/20/2011
I am reviewing a telemarketing script for closed-end first mortgages. Information from a consumer credit report will be used to extend a pre-qualification offer which states "you have been pre-qualified for a mortgage loan from $85,000 to $220,000. Our offer includes an APR range from 5.22% to 7.88% for a fixed rate of 30 years." Can an APR range be used? Also, I think the term "30 years" is a trigger. Please advise.
06/20/2011
If an existing customer wants to open an additional account or apply for a Visa check card, can we run chexsystems again? How often can we run chexsystems? Is there any law or time frame or limits?
02/28/2011
Is it OK to pull a ChexSystem report on the authorized signers for a corporation or LLC? Can we deny putting on a signer, or can we not?
10/25/2010
With regard to a recent question concerning the screening of signers on a business acount through ChexSystems, would signers on a consumer account also need to give written permission before we could pull a consumer report?
08/09/2010
We have an application for a new checking account. Part of our approval processing involves running a credit report, which is disclosed on our application. This person's credit appears to be fine, but in conversation with the potential customer, we feel that this is someone with whom we do not want to do business. He has admitted to us that he has had problems dealing with just about everyone with whom he has dealt, and has been banned from most business offices in the town in which he lives. I know that we do not have to do business with him, but what adverse action reason is acceptable? His credit is OK. Quite frankly, we think that he's got mental issues.
04/27/2009
How can I communicate compliance risk in terms that the business can understand and use to make immediate, measurable cost versus benefit risk decisions?
04/20/2009
How can I communicate IT risk in terms that the business can understand and use to make immediate, measurable cost versus benefit risk decisions ?
08/04/2008
When we open a new account, we pull a credit report and verify ChexSystems. Is a signature required for this? We open an account only at the request of a consumer and supply an adverse action form if the account is turned down.
09/03/2007
Is there any prohibition on using credit information obtained from portfolio reviews for marketing purposes?