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Alternate Credit Score Notice-Risk Based Pricing

Answered by: 
David A. Dickinson

Question: 
If we use the alternate credit score notice for the risk based pricing notice, do we only send it to the consumers for whom credit reports are obtained? There is wording in that option that states: If using the alternative credit score notices, all consumer loan applicants must receive a notice. We do not get a credit report on every consumer application.
Answer: 

You only need to provide a Credit Score Disclosure when you pull a credit report. If you don't use a credit report, no disclosure is triggered. You also don't have to provide it to denied applicants.

First published on BankersOnline.com 6/20/11

First published on 06/20/2011

Filed under: 
Lending
Filed under lending as: 
Credit Report

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