Medical Disability Date Verification

Answered by:

Question:

Can we require verification of medical disability as a condition of the loan approval process?

Answer:

Yes. Reg V, Fair Credit Reporting, was recently amended to address both obtaining & using medical information in credit transactions. However, section 222.30(d)(2)(ii)(C) states that the creditor may verify "the continued eligibility for disability income, workers' compensation income, or other benefits related to health or a medical condition that is relied on as a source of repayment".

First published on BankersOnline.com 2/19/07