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Is the fee for a credit report, a finance charge or not? Hi, there, this is Jerod Moyer with Banker’s Compliance Consulting. Well, the answer is, it depends. You see, if we’re talking about a consumer non-real estate transaction, then the fee for the credit report is a finance charge. If we’re talking about a consumer real estate transaction, then we’re going to tell you that the fee for the credit report is not a finance charge. This is kind of how it goes with fees and charges, is you have to know the ifs, ands, and buts determine which bucket they fall into. Sounds complicated, right? And you’re absolutely right.
That’s where Banker’s Compliance Consulting comes into play. That’s what we do. We take complicated regulatory requirements, like whether or not something is a finance charge or not, and we give it back to you in plain English. We have a lot of training in our library at bankerscompliance.com where we do just that, take complicated regulations and give them back to you in plain English.
I invite you to browse our library and see if there’s some things there that you think might help you and your teammates out. Better yet, pick up the phone and let’s have a discussion, a conversation, and find out how we can partner with you, so that you can take those compliance challenges and meet them head-on. Pick up that phone and give us a call.