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. … Most credit scores that meet the FCRA definition are scores that creditors obtain from consumer reporting agencies.

What is a credit score disclosure exception?

The credit score exception notice (model forms H-3, H-4, H-5) is a disclosure that is provided in lieu of the risk-based-pricing notice (RBPN, which are H-1, H-2, H-6 & H-7). The RBPN is required any time a financial institution provides different rates based on the credit score of the applicant.

What is covered under the Fair Credit Reporting Act?

The Fair Credit Reporting Act describes the kind of data that the bureaus are allowed to collect. That includes the person’s bill payment history, past loans, and current debts. … For instance, in conjunction with a loan request, for employment purposes, or as part of a credit check by a landlord.