Parker is training a new MLO on FCRA credit-reporting rules credit-reporting rules. Which statement is accurate?
Correct Answer
D) Provide the required credit-report notice when applicable
Consumer reports require a permissible purpose and proper FCRA/Reg V handling. The best answer is "Provide the required credit-report notice when applicable".
Why This Is the Correct Answer
Consumer reports require a permissible purpose and proper FCRA/Reg V handling. The best answer is "Provide the required credit-report notice when applicable".
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An MLO is reviewing procedures for a case where an MLO wants to pull a consumer report for curiosity before an application purpose exists. What is the proper handling?
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A quality-control reviewer flags a case because a compliance analyst asks why covered mortgage application data is collected. What correction is appropriate?