What is a credit score exception notice?

The credit score exception notice (model forms H-3, H-4, H-5) is a disclosure that is provided in lieu of the risk-based-pricing notice (RBPN, which are H-1, H-2, H-6 & H-7). The RBPN is required any time a financial institution provides different rates based on the credit score of the applicant.

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Notice To Users Of Consumer Reports - Obligations Of Users Under The...

Nassau New York Notice To Users Of Consumer Reports - Obligations Of Users Under The FCRA

Name: Nassau New York Notice To Users Of Consumer Reports - Obligations Of Users Under The FCRA
Brand: US Legal Forms
Rating: 4.66 (299 reviews)

Category:

Federal - Fair Credit Reporting Act

State:

Multi-State

County:

Nassau

Control #:

US-FCRA-06

Format:

Instant download

Description

The Fair Credit Reporting Act (FCRA),15 U.S.C. 1681-1681y, requires that this notice be provided to inform users of consumer reports of their legal obligations. The first section of this summary sets forth the responsibilities imposed by the FCRA on all users of consumer reports. The subsequent sections discuss the duties of users of reports that contain specific types of information, or that are used for certain purposes, and the legal consequences of violations.

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FAQ

The credit score exception notice (model forms H-3, H-4, H-5) is a disclosure that is provided in lieu of the risk-based-pricing notice (RBPN, which are H-1, H-2, H-6 & H-7). The RBPN is required any time a financial institution provides different rates based on the credit score of the applicant.

If you report information about consumers to a CRA like a credit bureau, tenant screening company, check verification service, or a medical information service you have legal obligations under the FCRA's Furnisher Rule.

The FCRA requires any prospective user of a consumer report, for example, a lender, insurer, landlord, or employer, among others, to have a legally permissible purpose to obtain a report.

Under the FCRA, consumer reporting agencies are required to provide consumers with the information in their own file upon request, and consumer reporting agencies are not allowed to share information with third parties unless there is a permissible purpose.

The FCRA is not a strict liability statute. An inaccurate consumer report therefore does not automatically result in liability. Instead, the FCRA imposes civil liability for negligent and willful failures to comply with its requirements (15 U.S.C. §§ 1681n, 1681o).

Thus, under the FCRA, certain consumer information will be subject to two opt-out notices, a sharing opt-out notice (Section 603(d)) and a marketing use opt-out notice (Section 624). These two opt-out notices may be consolidated.

A creditor must disclose a consumer's credit score and information relating to a credit score on a risk-based pricing notice when the score of the consumer to whom the creditor extends credit or whose extension of credit is under review is used in setting the material terms of credit.

The FCRA gives you the right to be told if information in your credit file is used against you to deny your application for credit, employment or insurance. The FCRA also gives you the right to request and access all the information a consumer reporting agency has about you (this is called "file disclosure").

The term negative information means information concerning a customer's delinquencies, late payments, insolvency, or any form of default. Timing of Notice. The financial institution must provide the notice to the customer no later than 30 days after furnishing the negative information to a CRA.

It must include information about the credit bureau used, an explanation of the specific reasons for the adverse action, a notice of the consumer's right to a free credit report and to dispute its accuracy and the consumer's credit score.

More info

Consumers who are the subject of such reports are given special rights under the FCRA. Report, please fill out and sign the form below.In addition to these restrictions, FCRA requires businesses to provide certain notices to consumers applying for credit. Unless the consumers elected to opt out of being included on prescreened lists. Get free access to the complete judgment in FASHAKIN v. The Fair Credit Reporting Act (FCRA) prohibits malpractice strictly. Inaccurately report consumers' credit information to credit reporting agencies. Consumer Reporting. If you deny a consumer credit based on information in a consumer report, you must provide an "adverse action" notice to the consumer. That his common law defamation claim is preempted under the FCRA.

Nassau New York Notice To Users Of Consumer Reports - Obligations Of Users Under The FCRA

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