New risk-based pricing provisions of the Federal Trade Commission's Fair and Accurate Credit Transactions Act, or FACTA, require creditors to make available the reasons for customers' credit terms based on their individual credit scores. These new provisions became effective on Jan. 1.
To help credit unions, CUDL has developed a new tool to assist credit unions that are looking to provide auto dealer partners with credit score disclosure notices. The tool allows credit unions to provide dealers with the necessary disclosure notices though the dealer's lending platform.
"Generally, the FACTA pricing rules were primarily created in an effort to improve accuracy of consumer credit reports and essentially get consumers to review their credit reports and make sure everything is accurate on them," explained Monika Perkins, director of credit union solutions for CUDL.
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