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CREDIT CORNERSTONE WEEKLY CREDIT TRENDS AND
DATA INTELLIGENCE
New rules create new opportunities
May 12, 2011
The Risk-Based Pricing Rule was approved last year by the Federal Reserve in an effort to address a concern that consumers are not sufficiently informed of the impact their credit reports can have on the price of new credit. With the passage of the Dodd-Frank Act earlier this year, the compliance decisions for lenders and many businesses are becoming more complicated.
Later this year, companies will be required to provide all customers with a credit score within an RBP Notice. Standard adverse action notices, given when the consumer is denied credit, also will have to include a score disclosure. These changes could provide new opportunities to strengthen relationships by educating consumers about what credit scores mean to them and how they're used.
To learn more, view our recent Risk-Based Pricing Webinar – The Risk-Based Pricing Rule: Winning Strategies for Compliance.
Source: Experian News Newsletter, January 2011
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