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Fed FTC plan could ease credit score access
WASHINGTON (3/4/11)--The Federal Reserve this week joined the Federal Trade Commission (FTC) to propose changes that would likely ease access to credit scores for consumers. In a joint release, the Fed and FTC said that their proposal would impact when credit providers are required to provide cardholders with their credit scores. The proposal would require creditors to disclose credit scores and related information to consumers in risk-based pricing and adverse action notices under the Fair Credit Reporting Act (FCRA) if a credit score was used in setting the credit terms or taking adverse action. The changes would also revise content requirements for risk-based pricing notices and add related model forms to reflect the new credit score disclosure requirements, according to the Fed/FTC release. The changes were proposed by the Dodd-Frank Act, which passed last year. The proposed rules will address both federal- and state-chartered credit unions, and the National Credit Union Administration will not be required to independently address these matters. However, the NCUA could release its own proposal if it feels the need to further clarify on the Fed/FTC action. Comments on the proposal will be accepted for 30 days after it is published in the Federal Register. For the full Fed/FTC joint release, use the resource link.
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