The Equal Credit Opportunity Act makes it unlawful for a creditor to discriminate against any applicant for a myriad of specified reasons. If credit is denied, creditors must provide disclosure to the applicant as to the reason for denial typically within 30 days. Details on Reg B can be found here.
PointCentral®gives you the tools you need to stay on top of Reg B requirements with Business Rules and Reports that you can customized to suit your needs.
- Create a custom Business Rule that pops up if the user has a Prospect for which credit has been run, and for which the file status is switched to Denied, and for which a Notice of Action Taken has not been prepared. The rule prevents saving the Status until the Notice of Action Taken has been prepared. Learn more about setting up custom rules here.
- Point offers 4 options for Notices: Notice of Incomplete Application, Notice of Counter Offer, Notices of Withdrawn Application as well as Notice of Credit Denial. Learn more about completing the Notice of Action Taken here.
- Create a custom report to run every 27 days to catch files for which Credit has been run, have not moved beyond Prospect status, and have not had a Notice of Action prepared. Learn more about creating custom reports here.
If you’d like additional help setting up your business rules or custom reports, you can learn by sitting in on one of our free online training classes or you can talk to your account rep at 800-362-2599 about a personal consultation with one of our experts