Re: [WTW] Use of Credit Bureau Reports in Loan Committee Meetings

[dwhiting]

Here in Norfolk we have bankers and social workers on  our committee.  I have found that the social workers look harder at the credit report then the bankers.  The credit report is very useful and enables the committee to make a sound decision.  Each packet has the client budget, credit report, personnel statement and my summary. The client's name and social security number and address is blacked out so each client is treat the same. The committee members never know the names of the clients.  This has worked very well for us.  As the Loan Coordinator it makes my job easier.   Donette Whiting Norfolk, VA ----- Original Message ----- From: Melisa Vierra To: [EMAIL PROTECTED] Sent: Monday, January 13, 2003 3:41 PM Subject: Re: [WTW] Use of Credit Bureau Reports in Loan Committee Meetings I use a summary of the credit bureau reports in our loan meetings that include derogatory and positive credit. While it is understood that the participants of the program often have past credit problems I think it hepls the committee to see the types of credit issues that the participant has as well as monthly and overall balances they are carrying. In addition, how long ago the negative credit was originated can make a difference.   >From: "Kevin P. Stewart" <[EMAIL PROTECTED]> >Reply-To: [EMAIL PROTECTED] >To: <[EMAIL PROTECTED]> >Subject: [WTW] Use of Credit Bureau Reports in Loan Committee Meetings >Date: Mon, 13 Jan 2003 09:04:38 -0600 > >A new loan coordinator inquired about the use of credit bureau reports in loan committee meetings. > >The reason that I am presenting this topic for discussion is that I think insights from loan coordinators would be helpful. > >So, here are some questions for discussion. Why do you think loan committee members need (or don't need) to review credit bureau reports. Are there benefits of loan committee members reviewing (having actual copies) credit bureau reports? If so, what are those benefits? Do credit bureau reports influence the decisions of the loan committee members? If so, how? Do you distribute copies of applicants' reports to committee members? If so, why? Do you present a summary (instead of actual reports) to loan committee members? If so, why? > >Thanks, >Kevin MSN 8: advanced junk mail protection and 2 months FREE*