ChoiceDATA

It's been more than a month since the new Dodd-Frank regulations took effect, and many businesses and financial institutions are still working to ensure their compliance.  Do you still have questions on what disclosures have changed and when you are required to disclose this new information?  Let us help!  According to the final rules published by the Federal Reserve & FTC:  "If a credit score is used in setting material terms of credit or in taking adverse action, the statute requires creditors to disclose credit scores and related information to consumers in notices under the Fair Credit Reporting Act, or FCRA."

More specifically, the rules state:  "If a credit score is used in making the credit decision, the creditor must disclose that score and certain information relating to the credit score."

If you still have questions on how Dodd-Frank or any other recent regulatory change impacts the disclosures you are required to provide to your applicants, we can provide the information you need and will be happy to discuss these potential changes for your business.  Please call us at 888-758-6341, or send an email to sales@choicedata.com.