Fair Credit Reporting Act
When is it acceptable to pull a member's credit report?
When a member is requesting an application
If a member is covered by MLA, what are we required to do as a Credit Union?
Provide them with the MLA phone number
At what age do members become eligible for marketing or prescreen approvals?
Age 21
What document is provided to members before the disbursal on any loan that is not a line of credit?
Loan Advance Request Voucher (LARV)
What is the record for the most overtimes in a single March Madness game?
Four
How often can member's receive a free copy of their credit report?
Once a year
In what scenario do we need to manually look up a member's MLA coverage inquiry?
When the credit report was not pulled the same day as the application is being decisioned
What is one thing to consider during a student application with a negative budget?
Including parental support as additional income
What time frame do members have to rescind or cancel a HELOC/ Credit Card loan?
Within 3 business days of becoming obligated to the loan
Who was the oldest coach to win the March Madness title?
Jim Calhoun at age 68
What department should you contact to correct inaccurate reporting from the Credit Union?
Compliance Department
If a member is denied an application, do we need to provide them with the MLA phone number?
No
What is the name of the box that is included on all VISA statements disclosing the amount paid by making minimum payments?
The Schumer Box
If there are any changes in the lending terms what is required of the Credit Union?
Mail members a written notice of these changes in a timely manner
How many teams competed in the first March Madness competition back in 1939?
Eight teams