The FTC is accepting public commentary on the consumers right to obtain the same credit report which was utilized in a companies deciding to take adverse reaction against the consumer. Speak out now, so that we have the right to these 'priveleged' reports! http://www.ftc.gov/opa/2004/06/fyi0437.htm
Frankly, disclosure when there is NO adverse action is probably also appropriate, including any FICO or other scores. There have been cases where car dealers or unscupulous loan brokers have place a customer with a less than competetive lender, claiming the borrower couldn't get better rates, because of kickbacks.
Well, first we have to get a right to see the undisclosed reports in the first place, we can work on extending those rights once they've actually granted them. The CRA's should *ALWAYS* be providing the consumer with the complete report, not the concise report.
FCRA has never said reports cannot be disclosed to the consumer, in fact it says CRAs cannot prohibit such disclosure, yet we still see reports from consumers saying their lender claimed the CRA did not permit them to disclose to the consumer. There was even some rationalization in a thread on bankersonline.com that such disclosure would somehow aid identity theft, or that the CRAs were "better able to help the consumer" directly.
I did respond to this, and actually received a response. So I hope that everyone takes a minute and lets them know what we want.
An additional reason for disclosure of reports to the consumer, especially in the case of mortgage applications, is that these are generally tri-merged reports including information from all 3 CRAs, often compiled by third parties, and if there are errors in them, those errors may not even be visible in reports pulled by the consumer directly from the CRAs. Differences in identifying information used to pull the report may also result in report differences. How do you correct errors that you can't even see?
So far I've only gotten the auto-response e-mail, but I am hoping that an actual response is sent as well... Just remember, in your e-mail (if you send it e-mail) don't include anything specifically identifying (they remove the address info if they see it), but anything which could contain confidential information they ask that you send via a physical letter (via courier, or other services, because of mail delays for screening to the Washington area.)
Here's what I wrote: As a consumer who has been turned down for credit in the past, I would like to know what information is being used to judge my creditworthiness. I know that at least twice within the past 5 years, back in my ignorant days, I was told "I'm sorry, that's priviledged information." Hell, it's my history, let me know if all the facts are straight. These days, the burden of proof is laid squarely upon the consumer to ensure that the reports contained and distributed by credit reporting agencies are accurate. As a consumer, it is an arduous, time consuming, fustrating and daunting task trying to correct inaccuracies generated and distributed by a defunct and haphazard system. If that information is inaccurate, I want to know!
*bump* to refresh everyones memory, and to respond to ej1111's situation. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=59465
