Alert January 25, 2011

FRB Publishes Consumer Guide for Understanding Credit Report Notices

The FRB made available on its website a guide designed to help consumers better understand notices they may receive from lenders when credit reports or credit scores affect a decision to grant credit, including the new "risk-based pricing" notice requirement which took effect on January 1st. The guide describes the types of notices consumers may receive and provides links to sample notices. It also includes information about what consumers should do if they receive a notice, including instructions on how to dispute credit report errors. Click here for the guide.