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Using Credit Score to Determine Rates for Promo

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Normally we do not use credit score when determining rates or approvals. However, we are offering a promotion and want to base the rate on their credit score for this promo only and no other loans. Are there any discriminative factors in doing so as long as we apply the same procedure fairly to each applicant that applies.

It should not be a problem, but just be aware that it will trigger the delivery of an appropriate risk-based pricing notice or exception notice.

First published on 05/19/2014

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