Due to contradictory language in the statute, there have been differences of opinion about how much credit score information must be provided. The statute initially says to provide the five items in subsection (f) for a score from a CRA, but later, in paragraph (g)(1)(E), it seems to say only two of those five (the credit score and key factors) must be provided by a lender.

There is a section-by-section analysis of the Act that was introduced in the Congressional Record of December 8, 2003 (after the law was passed) by Representatives Oxley and Bachus. It's also called a Conference Report on H.R. 2622. I located it at the Government Printing Office web site. It's in the "Extensions of Remarks" part of that day's Congressional Record, in pages E2512 through E2519.

I'm sorry, but I don't know how to establish a link for it here. (Maybe someone else knows how.) I just hope I'm describing all this correctly.

Anyhow, it provides, in plainer language than the statute, explanations of various sections that may help establish "congressional intent."

As I read the part about Section 212, it sounds to me like a lender using a CRA score is supposed to provide the "five items."

Link

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Thank you for the information. Dry reading but helpful

But on E2515 it states that mortgage lenders are not required to disclose "any information other than the credit score or negative key factor....." I am still uncertain what is required.

Key factors adversely affecting credit score. Do you just state the reason given in the credit report ex: too many inquiries in the last twelve months - or do you include the numerical and verbiage - 0008 - to many inquiries in the last twelve months? What if some of the factors are different on a tri-merge between the three companies? What do I take as the top four factors? Thanks for any help.

You list the four (possibly five) adverse factors for each repository. If you utilize a tri-merge, then up to 15 factors may be listed. The fifth factor being number of inquiries, if it is listed by a repository.

Can you just attach a copy of the credit report, or does that violate some other rule?

That's what we plan to do, attach a copy of the first 1-2 pages of the credit report.

The Notice To The Home Loan Applicant language states "the lender must disclose to you the score that a consumer reporting agency distributed to users and the lender used in connection with your home loan, and the key factors affecting your credit scores." This language just indicates the score and factors - if we are supposed to disclose all 5 of the items in (f), why does this notice only mention 2?

Because the other information relates to the main disclosure - that is the score and the key factors. What good is knowing the score if you don't know when the score was generated, whether it is a good or bad score, who provided the score and how to contact that agency? And the language "(ii) disclose any information other than a credit score or key factors, as defined in subsection (f)" seems to incorporate all five items described in (f), although that's not a legal opinion.

It seems that the intent was that the consumer get those five bits of information - the score, the date of the score, the range of scoring, the four factors (plus # of enquiries, if it is prioritized after the first four), and the name, address and phone number of the agency. The lender is free to provide a copy of the information or transcribe it, IMO, but if you get it from the agency you have to give that information to the home loan applicant.

I was trying to print this information from the Congressional Record but when I do all I get is a blank page. Is there any type of "trick" in Acrobat to printing this? Thanks.

Try the print icon within the page - not the one on your Microsoft tool bar.

So, if I understand this right, we do not have to provide the notice separately, and at the same time as the other TIL disclosures. Rather, we can send this notice along with a copy of the credit report to the applicant at anytime after we receive the application?

We are not going to provide a copy of the credit report. We will give out the Notice along with initial disclosures with the 5 factors and their credit scores. That's it for us.

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we can send this notice along with a copy of the credit report to the applicant at anytime after we receive the application?

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I'm not sure I would agree with such a broad statement because the Reg. does say as soon as reasonably practicable.

We will send the disclosures within 3 business days after obtaining the credit report. We feel this is a reasonable time for us to review the report and prepare the disclosures.