Under the Fair Credit Reporting Act, which action is NOT required?

Under the Fair Credit Reporting Act, which action is NOT required?

• A. Discuss any credit history inconsistencies with the applicant
• B. Verify the applicant's employment history
• C. Provide a copy of the credit report to the applicant
• D. Obtain consent to pull credit

Answer: (A)

Under the Fair Credit Reporting Act, you must obtain the consumer’s written consent before pulling a credit report, and if the report is used in underwriting and adverse action is taken, you must provide the applicant with a copy of the report and any required notices (including how to dispute items) along with the reporting agency’s contact information. The act does not require you to sit down and discuss every credit history inconsistency with the applicant; the consumer has the right to review the report and dispute any inaccuracies with the reporting agency. Verifying employment history isn’t a mandated FCRA requirement in this context, but discussing inconsistencies is not something the statute requires.

Under the Fair Credit Reporting Act, you must obtain the consumer’s written consent before pulling a credit report, and if the report is used in underwriting and adverse action is taken, you must provide the applicant with a copy of the report and any required notices (including how to dispute items) along with the reporting agency’s contact information. The act does not require you to sit down and discuss every credit history inconsistency with the applicant; the consumer has the right to review the report and dispute any inaccuracies with the reporting agency. Verifying employment history isn’t a mandated FCRA requirement in this context, but discussing inconsistencies is not something the statute requires.