Displaying articles for: January 2011

An important new amendment to the Fair Credit Reporting Act, known as the Risk-Based Pricing Rule, went into effect on January 1, 2011. Now, lenders are required to notify a consumer when a lending decision, based on their credit score or credit report, results in credit terms that are less favorable than those offered to other borrowers.  Less favorable terms may include a higher interest rate or larger down payment requirement. Notification by the lender will be in the form of a disclosure notice that is either enclosed with the credit approval package or sent separately to the consumer. 


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