ChoiceDATA

On January 31, 2012, Federal Regulators published supervisory guidance that impacted the Allowances for Loan and Lease Loss (ALLL) practices for financial institutions throughout the United States.  As an Equifax Sales Agent, ChoiceDATA is able to offer combined consumer credit and collateral valuation solutions that will enable our impacted customers to maintain regulatory compliance relating to this new guidance, and mitigate risk within their respective portfolios. 

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."