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...

Pima Arizona Notice To Users Of Consumer Reports - Obligations Of Users Under The FCRA

Name: Pima Arizona 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:

Pima

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

Notice violations under the FCRA might occur when: a creditor fails to notify you when it supplies negative credit information to a CRA. a user of credit information (such as a prospective employer or lender) fails to notify you of a negative decision based upon your credit report.

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 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.

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.

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.

Updated . An adverse action notice is sent to an individual when rejected based on information in a credit report or background check (consumer report). It is required when a person is denied employment, housing, credit, or insurance. Federal Laws Fair Credit Reporting Act (FCRA)

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.

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.

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.

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Attempt to obtain any Consumer Reports on themselves, associates, or any other person except in the exercise of their official duties. Alabaman consumers need to look to the Federal Trade Commission's Fair Credit Reporting Act (FCRA), 15 U. S. C. § 1681 et seq.12-14.3-101 through -109 (2008) Colorado Consumer Credit Reporting Act. Rules for providing personal credit history to consumers and third parties. 2004 Report to Congress on the Costs and Benefits of Federal Regulations . Attempt to obtain any Consumer Reports on themselves, associates, or any other person except in the exercise of their official duties. Alabaman consumers need to look to the Federal Trade Commission's Fair Credit Reporting Act (FCRA), 15 U. S. C. § 1681 et seq. 12-14.3-101 through -109 (2008) Colorado Consumer Credit Reporting Act. Rules for providing personal credit history to consumers and third parties. 2004 Report to Congress on the Costs and Benefits of Federal Regulations .

3-201. Prohibited practices — Consumer reports. A. It shall be unlawful for any person to: 1. Require, request, request, or receive, directly or indirectly, from any consumer, any information, notice, statement or other information which discloses or relates to a consumer's financial situation unless: (a) The person providing the information is the individual's creditor, service, assignee, or the person making the report or has authority to request the financial information or, on written demand, to send it to the creditor, service, assignee or person making the report. (b) The information to be disclosed or related to the consumer's financial situation is relevant to the person's business or in accordance with an order issued under this article. 2.

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Pima Arizona Notice To Users Of Consumer Reports - Obligations Of Users Under The FCRA

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FAQ

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