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Credit Score Disclosure Exception Notice

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Question: 
Our bank has a consumer line of credit product that is payable on​ demand with no set maturity date but there is an annual review. During the​ annual review, a credit report is pulled. We do not utilize risk​-​based​ pricing and have chosen to use the Credit Score Disclosure Exception Notice.​ Is this notice required in this case?
Answer: 

If the financial institution does not risk price based upon scores, there is no requirement for a notice, including an exception notice. The notice states that you do risk price based upon score.

First published on 03/19/2017

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