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#1377555 - 04/20/10 07:57 PM What part of 623 is new and what is existing?
raitchjay Offline
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OK
Getting really confused about this...only part of 623 of FCRA is new? The rest of it has been in effect for a long time?
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#1377715 - 04/20/10 11:35 PM Re: What part of 623 is new and what is existing? raitchjay
rlcarey Offline
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There were a lot of new parts to the FCRA with the passage of the FACT Act in 2003. It has just taken time for all of the new parts to be implemented. There have been no recent amendments to the Act itself.
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#1377864 - 04/21/10 01:26 PM Re: What part of 623 is new and what is existing? rlcarey
raitchjay Offline
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OK
I guess that's what i'm asking...what parts of 623 (or is it all of it?) that should already be in effect and what parts should we be implementing as of 7-1?
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#1380013 - 04/23/10 01:19 AM Re: What part of 623 is new and what is existing? raitchjay
jlroberts Offline
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I'm a little confused myself. I don't understand what exactly is NEW. When I compared the BOL policy sample to the one we have had in effect for several years, everything in there is already in ours. Why haven't finanical institutions already been following these pratices? What am I missing? Is it because it is now "required"?

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#1380015 - 04/23/10 01:28 AM Re: What part of 623 is new and what is existing? jlroberts
Kathleen O. Blanchard Offline

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Many parts were in the Act but the implementing regulations had not been issued. It was a very disjointed law in the way it was written with varying pieces to be implemented.
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#1380777 - 04/23/10 06:50 PM Re: What part of 623 is new and what is existing? jlroberts
Here4Life Offline
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I'm with you jlroberts. The more I read, the more confused I'm getting! It seems to me that we are OK since our policy & procedures mirror those of the BOL sample.

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#1381504 - 04/26/10 05:43 PM Re: What part of 623 is new and what is existing? Here4Life
Always In Training Offline
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The only thing that we are "adding" to our procedures & policy is that if we can tell that the dispute that we receive directly is from a credit repair business - we are now not responding to these. (I'm still going to be dating them as of receipt and putting them in my dispute files - just not doing the research & responding.)

We will be documenting, for instance - out of area zip-code, signature doesn't match what we have on file for the customer, return address does not match customer.

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#1384034 - 04/29/10 09:43 PM Re: What part of 623 is new and what is existing? Always In Training
Always In Training Offline
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OOOOH! I forgot. We now (because we don't use credit scores) have to give a risk based pricing notice if we pull a credit report, and we aren't giving the borrower the *best* rate we offer.

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#1384756 - 05/01/10 03:55 PM Re: What part of 623 is new and what is existing? Always In Training
Here4Life Offline
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The only product we could potentially offer the "preferred" or "best" rate is on consumer auto loans. Do we still need to give a risk based pricing notice?

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#1384761 - 05/01/10 04:39 PM Re: What part of 623 is new and what is existing? Here4Life
ktac MITCH Offline
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Originally Posted By: Here4Life
The only product we could potentially offer the "preferred" or "best" rate is on consumer auto loans. Do we still need to give a risk based pricing notice?

The Risk Based Pricing requirements are a little complicated to give a short summary BUT
IMO - The only way you would not need to give the Notice is if you have a Pricing Grid / Matirx etc. and you NEVER vary from the rate ie = All borrowers get 5.5% on a new vehicle regardless of their credit history / credit score / the vehicle / amt of down pmt . . .

Giving all applicants the Credit Score Notice is by far the easy answer
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#1385975 - 05/04/10 10:54 PM Re: What part of 623 is new and what is existing? ktac MITCH
Dolly Nugent Offline
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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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#1386252 - 05/05/10 03:51 PM Re: What part of 623 is new and what is existing? Dolly Nugent
Here4Life Offline
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Where can I find a risk-based pricing notice sample?

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#1387051 - 05/06/10 06:47 PM Re: What part of 623 is new and what is existing? Here4Life
DD Regs Offline
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Somewhere in the middle
Just so I don't have a panic attack, the risked-price notice isn't due unitl 01/2011?
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#1387065 - 05/06/10 06:53 PM Re: What part of 623 is new and what is existing? DD Regs
Soccer Offline
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Correct!!!
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#1387076 - 05/06/10 06:57 PM Re: What part of 623 is new and what is existing? Here4Life
Ted Dreyer Offline
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Here4life: The five model forms are in the regulations on pages 2761-2768:

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#1387307 - 05/06/10 08:58 PM Re: What part of 623 is new and what is existing? Ted Dreyer
Here4Life Offline
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Thanks!! For some strange reason I was confused & thought it was due in July! (I don't know how that would happen!)

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