We use a combined Risk Based Pricing/Credit Score Exception Notice (Model H-4) for non-RE consumer loans. Our unsecured consumer loans are not risk-based priced. For consistency, we provide this combo notice to all consumer applicants. I believe it has valuable information about their credit score, reporting error, etc. and it does not say your loan is "risk-based priced". We are basically over-disclosing, since it's technically not required for an unsecured loan. Is that an issue?

Yes;

How is this a bad thing?

The notice is used for products that are risk priced and states that their score can affect pricing and terms, read the section on understanding your score.

That is not true if you do not risk price; therefore, the disclosure is incorrect when used in those situations.

I understand the RBP Notice is not required for products that are not risk priced, which is the case for our unsecured products. However, since we use the combined notice aren't we required to disclosure the credit score based on Section 212 of FACTA?

Bump

Section 212 is quite large. What passage are you referring too?

Our real estate loans are not tiered but we have always given the exception notice to all. We interpreted the ruling as to say that if you don't want to figure out who needs to get the risk based notice, then give the exception notice to all. So, you are saying that we do not need to give this? What about the Notice to Home Loan Applicant. Do we need to give this notice?

One more question.....at the bottom of the notice it indicates to contact consumer finance.gov for more information, but the examples indicate to contact federal reserve.gov or the web site www.ftc.gov. Which is correct?

If you look at the real regulation -- the Regulation P issued by the CFPB -- you'll see that the references are to the Bureau.

PSB - if your product is not risk base priced then the RBP notice or the exception notice is not required.

The NHLA disclosure is a requirement of section 609(g) of the FCRA. It is separate from the RBP notice requirements. If you use the credit score in the credit decision, and if you don't use it then why do you get it, you have to provide the credit score disclosure and NHLA under 609(g).