[Sandy]

We have a consumer application we are denying due to income insufficient for the amount of credit requested. We used a credit report from a prior loan we closed for this applicant a few months ago to verify his debts. When completing the adverse action, on the page where you show the credit score, date of the credit report, key factors that adversely affected the credit score, etc. do you list this information from the old credit report or do you leave it blank but indicate that a prior credit was used? Also, do you give then a new credit score disclosure based upon this old credit report?

[Kimberly Boatwright, CAMS, CRCM]

Based on what you stated in your question. I understand the reason for denial to be insufficient income. If that is the only reason and the real reason for the denial. You should not list anything about the credit score. You should only ever list credit score if it is actually a denial reason. Since it sounds as if you gave the borrower a loan the last time, I assume they must have a credit score that meets the institutions underwriting requirements and is not why they were denied a loan this time.

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