Re: Lending club declinatio
n credit score?
09-13-2012 04:07 PM
When you apply for credit and are denied, if the denial was based in whole or in part upon a credit report they pulled, the creditor is required to provide the consumer with the name of the CRA from which they received the credit report, and advise the consumer of their right to send a copy of the denial letter to the CRA within 60 days to receive a free copy of their credit report from that CRA, FCRA 615. The creditor is not required to provide a copy of the pulled CR to the consumer. That provision extends only to credit reports, not credit scores. Their advisement of a credit score is optional, with no requirement to identity the provider of the score.
The requirement to disclose the source of a score only applies to credit reports that you order from the CRA.
Under FCRA 609(f), the CRA is required to identity the source of the scoring model used, but not the specific details of the model.
If the source was their own model, which is the normal case, they must additioally provide the range of possible scores under their model, and the key factors that affected the score.
However, if the score they provide was developed by a third party, such as FICO, they need only provide the name and contact for the source, and need not provide any additional information, such as the range of scores or adverse factors. FCRA 609(f)(5). You need to independtly contact that third party for that information.
In the posted situation, the creditor provided more than was required under the statute. To request more than already provided, such as TU98, is beyond that.
I see no reason for the creditor not to informally provide you that info if they know the name of the model, but they have no requirement to do so.