CoreLogic Credco is offering the Credit Score Disclosure Exception report as a compliance solution for the Risk-Based Pricing regulation.
The Risk-Based Pricing rule, which is part of the Fair and Accurate Credit Transactions Act of 2003, will go into effect Jan. 1, 2011. The rule requires dealers and other creditors to provide a notice to consumers when they are granted materially less favorable lending terms than other consumers, based on data included in their credit report.
Dealers have two options for compliance with the regulation:
• Risk-Based Pricing Notice: Use a prescribed method for determining if a consumer is qualified to receive a Risk-Based Pricing notification.
• CSD Exception: Provide a Credit Score Disclosure to every consumer.
According to the company, CoreLogic Credco’s Credit Score Disclosure Exception report offers:
• Model forms to ensure consistent disclosure information
• A user-friendly Q&A format
• Consumer score comparison data
The company will provide the CSD Exception report free of charge with each Credco credit report ordered. To see a sample of CoreLogic Credco’s CSD, click here.
