Academic journal article ABA Banking Journal

Banks' Duties toward Credit Bureaus When Discrepancies Are Found?

Academic journal article ABA Banking Journal

Banks' Duties toward Credit Bureaus When Discrepancies Are Found?

Article excerpt

Q. We obtain a credit report from one of the three credit reporting agencies when we open a new deposit account. To comply with the FACT Act, we report on the loan side of our business, but don't seem to have the ability to do that on the deposit side.

If there is an address discrepancy .for a new deposit account, are we required to report that discrepancy to the credit bureau?

A. This is a tricky one.

This issue was brought to our attention by several banks that use credit reports, but do not regularly report to credit bureaus in one part of the bank (e.g. checking account opening), but do report regularly in another area of the bank (e.g. mortgage division).

Under the regulations released with the Red Flag Rules is a requirement that users of credit reports report to the credit bureaus address discrepancies between the address on the report and the one provided by the user of the report. …

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