New Training! Credit Score Disclosure Requirements Under the Dodd-Frank Act

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). If you have bills in collection and its effecting your credit score then use these pay-for-delete templates to help you come up with a payment plan.

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.

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We also have a 90-minute webinar: Credit Score Disclosure Requirements under the Dodd-Frank Act: Including Risk-Based Pricing & Adverse Action Notices now available to order.  This program will explain the new notice requirements that become effective on July 21, 2011, and will review the new model notice forms contained in Regulations B and V.  For full course description, or to order, contact Shay Thompson at .