Selling Guide

Published December 16, 2020

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Are lenders obligated to take action when contradictory, derogatory or erroneous information appears on a credit report?

Contradictory, Derogatory, or Erroneous Information

Lenders are obligated to take action when contradictory, derogatory, or erroneous information would justify additional investigation or would provide grounds for a decision that is different from the recommendation DU delivers. For example, if the credit report reflects a previous foreclosure but the information was not accurately mapped to DU, the lender must consider this when making its final underwriting decision.

For additional information see B3-5.3-09, DU Credit Report Analysis.

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Guide Resources

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