1. Credit information on judgments, bankruptcies, and liens records is usually o
ID: 2717723 • Letter: 1
Question
1. Credit information on judgments, bankruptcies, and liens records is usually obtained from Answer records.
2. Current quotes from an internet source, such as the Wall Street Journal, are a good source for verifying the value of Answer and __________.
3. For Answer programs, the bank runs the names of its current customers against a consumer reporting agency's flies, using defined criteria to identify positive or negative trends.
4. Banks are restricted in their use of medical information to make a credit decision. True/False?
5. Consumer loans usually are repaid monthly from recurring income. T/F
6. The bank's internal files are a valid source of credit history information. T/F
7. Banks ordinarily do not verify credit history information by directly contacting another financial institution. T/F
8. Indirect reference from employers are the best source of income verification. T/F
9. It is necessary and desirable to investigate and verify all the data on the application. T/F
Explanation / Answer
4. FALSE, Banks are not restricted in their use of medical information to make a credit decision
5. TRUE, Consumer loans usually are repaid monthly from recurring income.
6. FALSE, The bank's internal files are not a valid source of credit history information.
7. TRUE, Banks ordinarily do not verify credit history information by directly contacting another financial institution
9. TRUE, It is necessary and desirable to investigate and verify all the data on the application.
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