The Federal Reserve has established a new webpage to remind consumers about credit rules that went into effect on January 1. These new rules, issued by the Fed and the Federal Trade Commission set standards for credit score information lenders must provide to persons seeking certain types of credit.
Consumers may receive one of several types of notices regarding their credit score or the reasons why they may have received less than an optimum loan product when they apply for credit through a bank, credit union, or other lender. Lenders may, depending on circumstances, provide a Credit Score Notice, a Risk-Based Pricing Notice, or, in the case of existing credit, an Account Review Notice.
There are different Credit Score Notices for mortgage loans, auto loans, or other types of credit, but each form provides the consumer with essentially the same information. This notice will be provided regardless of the terms of credit offered by the lender.