Answer:
Answer by Randy Carey:You can share all information found on a credit report with the subject of that report. The FCRA allows you to give a copy of the actual report to the customer, however, your contract with the credit bureau or internal policies may prevent or discourage this practice.
Answer:
Answer by Andy Zavoina:Some of the finer points include the fact that you have this right under the FCRA when you have denied a product or service. You can't just provide the credit bureau information. 607(c) Disclosure of consumer reports by users allowed. A consumer reporting agency may not prohibit a user of a consumer report furnished by the agency on a consumer from disclosing the contents of the report to the consumer, if adverse action against the consumer has been taken by the user based in whole or in part on the report. A better question is would you want to? Actually providing a copy of your report may provide user codes you don't want to disclose. It also encourages the customers comments, requests for explanations and to contest certain entries. The bureau that provided you with the report is best equipped to handle this. For these reasons, I'd rather refer the customer than discuss this at a loan desk in the middle of a lobby.
First published on BankersOnline.com 10/23/06
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