FACTA Compliance Solutions

New Risk-Based Pricing Disclosure Notice Requirements
The Federal Reserve Board and the FTC have approved the final regulations that implement the risk-based pricing provisions of Section 311 of the Fair and Accurate Credit Transactions Act of 2003 which amends the FCRA. In general, the final rules require a creditor to provide a consumer with a RBP notice when, based in whole or in part on the consumer's credit report, the creditor grants, extends, or otherwise provides credit to the consumer on material terms that are materially less favorable than the most favorable terms it grants to a substantial portion of its other consumers. Several methods are available for identifying customers that must receive the risk-based notices and some exceptions do apply. The final rules become effective January 1st, 2011.

CCI credit reports come with fully compliant score disclosure letters
Your CCI account can be configured to deliver the required:

Risk-Based Pricing Notice
Credit Score Disclosure
Notice to Home Loan Applicant
Credit Score Exception Notice (safe harbor for residential lenders)

FACTA Professional > We do it for you
To ensure 100% compliance, CCI's FACTA Fulfillment and Compliance services does it all for you. As your CRA, CCI is uniquely positioned to manage required FACTA disclosures for you. We will generate compliant notices and deliver them to applicants in a manner that is consistent with the requirements under FACTA section 311. We will mail disclosures to each applicant and provide a record of compliance to each lender/broker which will support you in the event of a State, GSE, FTC or lender audit. Call today for a solution customized for your operation.