ChoiceData Blog

Are you in compliance with the new Dodd-Frank Act?

Wednesday, September 07, 2011

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."