The FACT Act revised the FCRA to require that a creditor provide a risk-based pricing notice to a consumer when the creditor uses a consumer report in connection with an extension of credit and, BASED IN WHOLE OR IN PART ON THE CONSUMER REPORT, extends credit to the consumer on material terms that are materially less favorable to the most favorable terms available to a substantial proportion of consumers through that creditor.
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Dolly Nugent
CRCM
Opinions expressed are my own.