Effective July 21, 2011, there are new notices that creditors must give to consumers if a credit score is used when taking adverse action against the consumer. This relates to both the risk-based pricing notice under the Fair Credit Reporting Act (Regulation V) and the adverse action notice under the Equal Credit Opportunity Act (Regulation B).
Among other things, the Dodd-Frank Act requires disclosure of the following effective July 21, 2011:
1. numerical credit score used by the creditor in making the credit decision;
2. range of possible scores under the model used by the creditor;
3. key factors that adversely affected the credit score of the consumer;
4. date on which the credit score was created; and
5. name of the entity that provided the credit score.