ALEXANDRIA, Va. (11/9/10)—Federally backed credit unions in most cases “must consider information provided by a member that is not included in a traditional credit report” when making creditworthiness determinations, National Credit Union Administration Associate General Counsel Hattie Ulan wrote in a legal opinion letter. Ulan said that credit unions are required to do this in order to fully comply with section 202.6(b)(6) of the Federal Reserve Board’s Regulation B (Reg B). Reg B “includes requirements regarding additional information creditors must consider in determining creditworthiness in certain circumstances,” Ulan said. UIan added that creditors “may restrict the kinds of credit history and credit references they will consider in making a determination of creditworthiness as long as the restrictions are applied to all applicants without regard to any prohibited basis, such as race, sex, or marital status.” However, Ulan added, if a borrower requests it, “creditors must consider any information an applicant may present tending to indicate the credit history being considered does not accurately reflect the applicant’s creditworthiness.” This information must specifically be considered in situations where credit information that “relates to the same types of credit references and history the creditor would consider if reported through a credit bureau” is not reported through a credit bureau. For the full NCUA letter, use the resource link.