Asked by: Oxana Mordin
asked in category: General Last Updated: 21st March, 2020

Do lenders have to disclose credit scores?

A creditor must disclose “the credit score used by the person in making the credit decision” on a risk-based pricing notice. “ Credit score has the same meaning used in §609(f)(2)(a) of the FCRA. Most credit scores that meet the FCRA definition are scores that creditors obtain from consumer reporting agencies.

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Keeping this in consideration, what is a credit score disclosure?

Credit Score Disclosures . The CSD discloses the credit score , the lender used in connection with the consumers' loan application and home loan, and the key factors affecting the credit score . It contains contact information for each credit reporting agency used, including the agency name, telephone number and website.

Beside above, what is a credit score exception notice? In the credit score exception notices , creditors are required to disclose the distribution of credit scores among consumers who are scored under the same scoring model that is used to generate the consumer's credit score using the same scale as that of the credit score provided to the consumer.

Hereof, what are notices on a credit report?

NOTICES . Your date of birth indicates that credit may have been established before age 18. Notices are statements based on your personal information and credit history .

What is a permissible purpose for pulling a credit report?

The FCRA lists the following as permissible purposes for pulling a credit report : when a potential creditor or insurer intends to extend you offers of credit or insurance (limited use) when you apply for insurance. employment-related purposes (hiring and firing), only when you give that employer permission to do so.

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