New Dodd-Frank – Credit Score Disclosure Requirements

On July 6 the Federal Reserve Board approved final rules to implement the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If a credit score is used in setting material terms of credit or in taking adverse action, the statute requires creditors to disclose credit scores and related information to consumers in notices under the Fair Credit Reporting Act (FCRA).

The final rules amend:

  • Regulation V (Fair Credit Reporting) to revise the content requirements for risk-based pricing notices, and to add related model forms that reflect the new credit score disclosure requirements.
  • Certain model notices in Regulation B (Equal Credit Opportunity), which combine the adverse action notice requirements for Regulation B and the FCRA, to reflect the new credit score disclosure requirements

The rules under Regulations V and B are effective 30 days after the date of publication in the Federal Register, which is expected soon. The rules will be effective sometime in early- to mid-August.

2 thoughts on “New Dodd-Frank – Credit Score Disclosure Requirements

  1. Should we also be disclosing the “Notice to Home Loan Applicants” along with the revised adverse actions that disclose the credit score?

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