A consumer credit rule for creditors based in a law passed in 2003 will get its first required implementation in 2011.

Creditors have until January 1, 2011 to comply with final rules issued today by the Federal Reserve and Federal Trade Commission that generally require creditors to say why they would provide credit to a consumer on less favorable terms than it provides to other consumers.

The rules are in effect when the creditor bases its decisions on the consumers’ credit report.

Consumers who receive a “risk-based pricing” notice will be able to receive a free credit report to check its accuracy.