All in FCRA

Credit Score Exception Notice for Denied Applications

Adam Witmer
FCRA

In discussing the Fair Credit Reporting Act, one question I often receive is whether or not the credit score exception notice must be provided when an application is denied and the applicant is receiving an adverse action notice.  The thought is that the credit score information is included on the adverse action notice, so why would the credit score exception notice - that basically provides the exact same information - still be required? Believe it or not, this question is actually quit complex, so I will do my best to explain this for you.  

The Difference Between the Credit Score Disclosure & Risk Based Pricing Notice

Adam Witmer
FCRA

The requirements for risk-based pricing notices and credit score disclosures can be extremely confusing at times.  Trust me, I know.  As was the case for me in the past, most bankers don’t have to worry about understanding the different disclosure options available as a bank will only use one form or another and will never have a need for the other disclosure options.  That said, however, understanding which disclosures are required is important to...