FACT Act Compliance Solutions

New Loan Disclosure Compliance Requirements
The Fair and Accurate Credit Transactions Act of 2003 requires significant new compliance regulations for all mortgage brokers and lenders, the most significant being those that govern the disclosure of credit scores during the home lending process. When a credit score is used to qualify a consumer for a mortgage loan, this new federal law requires that a “Credit Score Disclosure” letter must be sent to the consumer within five days. CCI offers two approaches to this compliance requirement.

Append your CCI credit report with fully compliant score disclosure letters
At no additional cost, your CCI account is configured to deliver the required consumer credit score disclosure letter for you to provide to your borrower, keeping you compliant with Federal Law.

FACTA Professional
To ensure 100% compliance, CCI will send a compliant FACT Act Credit Score Disclosure letter via first class mail for every credit report pulled. CCI will then track and provide a monthly audit report to the broker of record or compliance officer.