Looking for any policies and procedures, training, or other resources that your institution uses that complies with the notification requirements under FCRA for taking adverse action on applicants for employment due to information in whole or in part of their credit report. Thanks in advance!
Right now, we are just telling our frontline staff to provide separately, but the way our LOS prints out the documents (which we can't change), it would take some effort to separate them out. It's hard/impossible to test if they are actually doing so, and there's no record to show we didn't just give them all to both borrowers.
Does anyone have better controls they use to ensure privacy in these situations they'd be willing to share? Is our "We Told Them To" method enough?
Afternoon CBANC! Does anyone know when or why the "Possible incomplete data. See Credit Report." statement is populated on a credit report? Do they say that on all of them as a precaution, or is it only displayed when they have reason to believe something may be missing?
we went with a new Deposit platform and the Notice Regarding Inaccurate Info form prints out with all types of accounts - consumer and non consumer. Our old platform did not print this form at all. What are other banks experience?
Wondering how the recently issued interim final rule impacts you? The good news is the impact is not material. We attached a briefing for you on this issuance. If you use credit reports in conjunction with employment consideration, your HR Department will want to make sure they have the most recent version of the Summary of Consumer Rights. If you provide the second disclosure - rights in the event of ID theft - when any of your customers reports being a victim of identity theft (or provide this notice on your website), you'll want to make sure you have the updated version.
Have an awesome afternoon!
Hi CBANC community -
We recently went through an internal compliance exam and one of the FCRA findings was that the incorrect credit score exception notices were sent for loans secured by one to four units of residential real property. Are there any regulatory requirements that would require us to provide a correct exception notice to the borrower? Thanks in advance for your input!
Is there any regulatory guidance for how long the borrower has the right to appeal an unsecured line of credit advance suspension once they have been notified?
I am working the fatal error portion of our metric report. It looks like there are an inordinate amount of accounts on the report because the "date of account information" was updated on eOSCAR as the date the response was sent to the dispute, not the close date of the account. Has anyone run into this? Is there anyway to correct this other than submitting an AUD for each account?
Any advice on the fatal error report is greatly appreciated. This is somewhat new to me.