Credit Rescore Fees - Borrower Not Allowed to Pay
Just a reminder that you are not permitted to charge a borrower any credit rescore fees. This is a violation of the Fair Credit Reporting Act (FCRA). You must get the fee approved with your branch manager prior to initiating the rescore as the branch will be required to pay it.
Universal Credit has the following notice on both the attached form and their website. If we see the borrower has been charged for any rescore, we will require the branch to refund the money. Thank you 😊