EXHIBIT 2 
420 

§§ 1022.55–1022.59 12 CFR Ch. X (1–1–12 Edition) 

(B) On the front side of the first page 

of the principal promotional document 

in the solicitation, or, if provided electronically, on the same page and in 

close proximity to the principal marketing message; 

(C) Located on the page and in a format so that the statement is distinct 

from other text, such as inside a border; and 

(D) In a type style that is distinct 

from the principal type style used on 

the same page, such as bolded, 

italicized, underlined, and/or in a color 

that contrasts with the color of the 

principal text on the page, if the solicitation is in more than one color. 

(2) Long notice. The long notice shall 

be a clear and conspicuous, and simple 

and easy to understand statement as 

follows: 

(i) Content. The long notice shall 

state the information required by section 615(d) of the Fair Credit Reporting 

Act (15 U.S.C. 1681m(d)). The long notice shall not include any other information that interferes with, detracts 

from, contradicts, or otherwise undermines the purpose of the notice. 

(ii) Form. The long notice shall: 

(A) Appear in the solicitation; 

(B) Be in a type size that is no smaller than the type size of the principal 

text on the same page, and, for solicitations provided other than by electronic means, the type size shall in no 

event be smaller than 8 point type; 

(C) Begin with a heading in capital 

letters and underlined, and identifying 

the long notice as the 

‘‘PRESCREEN&OPT-OUT NOTICE;’’ 

(D) Be in a type style that is distinct 

from the principal type style used on 

the same page, such as bolded, 

italicized, underlined, and/or in a color 

that contrasts with the color of the 

principal text on the page, if the solicitation is in more than one color; and 

(E) Be set apart from other text on 

the page, such as by including a blank 

line above and below the statement, 

and by indenting both the left and 

right margins from other text on the 

page. 

§§ 1022.55–1022.59 [Reserved] 

Subpart G [Reserved] 

Subpart H—Duties of Users 

Regarding Risk-Based Pricing 

§ 1022.70 Scope.

(a) Coverage—(1) In general. This subpart applies to any person, except for a 

person excluded from coverage of this 

part by section 1029 of the Consumer 

Financial Protection Act of 2010, Title 

X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, 

Public Law 111–203, 124 Stat. 137, that 

both: 

(i) Uses a consumer report in connection with an application for, or a grant, 

extension, or other provision of, credit 

to a consumer that is primarily for personal, family, or household purposes; 

and 

(ii) Based in whole or in part on the 

consumer report, grants, extends, or 

otherwise provides credit to the consumer on material terms that are materially less favorable than the most 

favorable material terms available to a 

substantial proportion of consumers 

from or through that person. 

(2) Business credit excluded. This subpart does not apply to an application 

for, or a grant, extension, or other provision of, credit to a consumer or to 

any other applicant primarily for a 

business purpose. 

(b) Enforcement. The provisions of 

this subpart will be enforced in accordance with the enforcement authority 

set forth in sections 621(a) and (b) of 

the FCRA. 

§ 1022.71 Definitions.

For purposes of this subpart, the following definitions apply: 

(a) Adverse action has the same meaning as in 15 U.S.C. 1681a(k)(1)(A). 

(b) Annual percentage rate has the 

same meaning as in 12 CFR 1026.14(b) 

with respect to an open-end credit plan 

and as in 12 CFR 1026.22 with respect to 

closed-end credit. 

(c) Closed-end credit has the same 

meaning as in 12 CFR 1026.2(a)(10). 

(d) Consumer has the same meaning 

as in 15 U.S.C. 1681a(c). 

(e) Consummation has the same meaning as in 12 CFR 1026.2(a)(13). 

(f) Consumer report has the same 

meaning as in 15 U.S.C. 1681a(d). 

(g) Consumer reporting agency has the 

same meaning as in 15 U.S.C. 1681a(f). 
421 

Bur. of Consumer Financial Protection § 1022.72

(h) Credit has the same meaning as in 

15 U.S.C. 1681a(r)(5). 

(i) Creditor has the same meaning as 

in 15 U.S.C. 1681a(r)(5). 

(j) Credit card has the same meaning 

as in 15 U.S.C. 1681a(r)(2). 

(k) Credit card issuer has the same 

meaning as card issuer, as defined in 15 

U.S.C. 1681a(r)(1)(A). 

(l) Credit score has the same meaning 

as in 15 U.S.C. 1681g(f)(2)(A). 

(m) Firm offer of credit has the same 

meaning as in 15 U.S.C. 1681a(l). 

(n) Material terms means: 

(1)(i) Except as otherwise provided in 

paragraphs (n)(1)(ii) and (n)(3) of this 

section, in the case of credit extended 

under an open-end credit plan, the annual percentage rate required to be disclosed under 12 CFR 1026.6(a)(1)(ii) or 12 

CFR 1026.6(b)(2)(i), excluding any temporary initial rate that is lower than 

the rate that will apply after the temporary rate expires, any penalty rate 

that will apply upon the occurrence of 

one or more specific events, such as a 

late payment or an extension of credit 

that exceeds the credit limit, and any 

fixed annual percentage rate option for 

a home equity line of credit; 

(ii) In the case of a credit card (other 

than a credit card that is used to access a home equity line of credit or a 

charge card), the annual percentage 

rate required to be disclosed under 12 

CFR 1026.6(b)(2)(i) that applies to purchases (‘‘purchase annual percentage 

rate’’) and no other annual percentage 

rate, or in the case of a credit card that 

has no purchase annual percentage 

rate, the annual percentage rate that 

varies based on information in a consumer report and that has the most 

significant financial impact on consumers; 

(2) In the case of closed-end credit, 

the annual percentage rate required to 

be disclosed under 12 CFR 1026.17(c) and 

1026.18(e); and 

(3) In the case of credit for which 

there is no annual percentage rate, the 

financial term that varies based on information in a consumer report and 

that has the most significant financial 

impact on consumers, such as a deposit 

required in connection with credit extended by a telephone company or utility or an annual membership fee for a 

charge card. 

(o) Materially less favorable means, 

when applied to material terms, that 

the terms granted, extended, or otherwise provided to a consumer differ 

from the terms granted, extended, or 

otherwise provided to another consumer from or through the same person 

such that the cost of credit to the first 

consumer would be significantly greater than the cost of credit granted, extended, or otherwise provided to the 

other consumer. For purposes of this 

definition, factors relevant to determining the significance of a difference 

in cost include the type of credit product, the term of the credit extension, if 

any, and the extent of the difference 

between the material terms granted, 

extended, or otherwise provided to the 

two consumers. 

(p) Open-end credit plan has the same 

meaning as in 15 U.S.C. 1602(i), as interpreted by the Bureau in Regulation Z 

(12 CFR part 1026) and the Official Interpretations to Regulation Z (Supplement I to 12 CFR part 1026). 

(q) Person has the same meaning as in 

15 U.S.C. 1681a(b). 

§ 1022.72 General requirements for

risk-based pricing notices. 

(a) In general. Except as otherwise 

provided in this subpart, a person must 

provide to a consumer a notice (‘‘riskbased pricing notice’’) in the form and 

manner required by this subpart if the 

person both: 

(1) Uses a consumer report in connection with an application for, or a grant, 

extension, or other provision of, credit 

to that consumer that is primarily for 

personal, family, or household purposes; and 

(2) Based in whole or in part on the 

consumer report, grants, extends, or 

otherwise provides credit to that consumer on material terms that are materially less favorable than the most 

favorable material terms available to a 

substantial proportion of consumers 

from or through that person. 

(b) Determining which consumers must 

receive a notice. A person may determine whether paragraph (a) of this section applies by directly comparing the 

material terms offered to each consumer and the material terms offered 

to other consumers for a specific type 

of credit product. For purposes of this 
422 

§ 1022.72 12 CFR Ch. X (1–1–12 Edition) 

section, a ‘‘specific type of credit product’’ means one or more credit products with similar features that are designed for similar purposes. Examples 

of a specific type of credit product include student loans, unsecured credit 

cards, secured credit cards, new automobile loans, used automobile loans, 

fixed-rate mortgage loans, and variable-rate mortgage loans. As an alternative to making this direct comparison, a person may make the determination by using one of the following 

methods: 

(1) Credit score proxy method—(i) In 

general. A person that sets the material 

terms of credit granted, extended, or 

otherwise provided to a consumer, 

based in whole or in part on a credit 

score, may comply with the requirements of paragraph (a) of this section 

by: 

(A) Determining the credit score 

(hereafter referred to as the ‘‘cutoff 

score’’) that represents the point at 

which approximately 40 percent of the 

consumers to whom it grants, extends, 

or provides credit have higher credit 

scores and approximately 60 percent of 

the consumers to whom it grants, extends, or provides credit have lower 

credit scores; and 

(B) Providing a risk-based pricing notice to each consumer to whom it 

grants, extends, or provides credit 

whose credit score is lower than the 

cutoff score. 

(ii) Alternative to the 40/60 cutoff score 

determination. In the case of credit that 

has been granted, extended, or provided 

on the most favorable material terms 

to more than 40 percent of consumers, 

a person may, at its option, set its cutoff score at a point at which the approximate percentage of consumers 

who historically have been granted, extended, or provided credit on material 

terms other than the most favorable 

terms would receive risk-based pricing 

notices under this section. 

(iii) Determining the cutoff score—(A) 

Sampling approach. A person that currently uses risk-based pricing with respect to the credit products it offers 

must calculate the cutoff score by considering the credit scores of all or a 

representative sample of the consumers to whom it has granted, extended, or provided credit for a specific 

type of credit product. 

(B) Secondary source approach in limited circumstances. A person that is a 

new entrant into the credit business, 

introduces new credit products, or 

starts to use risk-based pricing with respect to the credit products it currently offers may initially determine 

the cutoff score based on information 

derived from appropriate market research or relevant third-party sources 

for a specific type of credit product, 

such as research or data from companies that develop credit scores. A person that acquires a credit portfolio as a 

result of a merger or acquisition may 

determine the cutoff score based on information from the party which it acquired, with which it merged, or from 

which it acquired the portfolio. 

(C) Recalculation of cutoff scores. A 

person using the credit score proxy 

method must recalculate its cutoff 

score(s) no less than every two years in 

the manner described in paragraph 

(b)(1)(iii)(A) of this section. A person 

using the credit score proxy method 

using market research, third-party 

data, or information from a party 

which it acquired, with which it 

merged, or from which it acquired the 

portfolio as permitted by paragraph 

(b)(1)(iii)(B) of this section generally 

must calculate a cutoff score(s) based 

on the scores of its own consumers in 

the manner described in paragraph 

(b)(1)(iii)(A) of this section within one 

year after it begins using a cutoff score 

derived from market research, thirdparty data, or information from a 

party which it acquired, with which it 

merged, or from which it acquired the 

portfolio. If such a person does not 

grant, extend, or provide credit to new 

consumers during that one-year period 

such that it lacks sufficient data with 

which to recalculate a cutoff score 

based on the credit scores of its own 

consumers, the person may continue to 

use a cutoff score derived from market 

research, third-party data, or information from a party which it acquired, 

with which it merged, or from which it 

acquired the portfolio as provided in 

paragraph (b)(1)(iii)(B) until it obtains 

sufficient data on which to base the recalculation. However, the person must 

recalculate its cutoff score(s) in the 
423 

Bur. of Consumer Financial Protection § 1022.72

manner described in paragraph 

(b)(1)(iii)(A) of this section within two 

years, if it has granted, extended, or 

provided credit to some new consumers 

during that two-year period. 

(D) Use of two or more credit scores. A 

person that generally uses two or more 

credit scores in setting the material 

terms of credit granted, extended, or 

provided to a consumer must determine the cutoff score using the same 

method the person uses to evaluate 

multiple scores when making credit decisions. These evaluation methods may 

include, but are not limited to, selecting the low, median, high, most recent, 

or average credit score of each consumer to whom it grants, extends, or 

provides credit. If a person that uses 

two or more credit scores does not consistently use the same method for evaluating multiple credit scores (e.g., if 

the person sometimes chooses the median score and other times calculates 

the average score), the person must determine the cutoff score using a reasonable means. In such cases, use of 

any one of the methods that the person 

regularly uses or the average credit 

score of each consumer to whom it 

grants, extends, or provides credit is 

deemed to be a reasonable means of 

calculating the cutoff score. 

(iv) Credit score not available. For purposes of this section, a person using the 

credit score proxy method who grants, 

extends, or provides credit to a consumer for whom a credit score is not 

available must assume that the consumer receives credit on material 

terms that are materially less favorable than the most favorable credit 

terms offered to a substantial proportion of consumers from or through that 

person and must provide a risk-based 

pricing notice to the consumer. 

(v) Examples. (A) A credit card issuer 

engages in risk-based pricing and the 

annual percentage rates it offers to 

consumers are based in whole or in 

part on a credit score. The credit card 

issuer takes a representative sample of 

the credit scores of consumers to whom 

it issued credit cards within the preceding three months. The credit card 

issuer determines that approximately 

40 percent of the sampled consumers 

have a credit score at or above 720 (on 

a scale of 350 to 850) and approximately 

60 percent of the sampled consumers 

have a credit score below 720. Thus, the 

card issuer selects 720 as its cutoff 

score. A consumer applies to the credit 

card issuer for a credit card. The card 

issuer obtains a credit score for the 

consumer. The consumer’s credit score 

is 700. Since the consumer’s 700 credit 

score falls below the 720 cutoff score, 

the credit card issuer must provide a 

risk-based pricing notice to the consumer. 

(B) A credit card issuer engages in 

risk-based pricing, and the annual percentage rates it offers to consumers are 

based in whole or in part on a credit 

score. The credit card issuer takes a 

representative sample of the consumers to whom it issued credit cards 

over the preceding six months. The 

credit card issuer determines that approximately 80 percent of the sampled 

consumers received credit at its lowest 

annual percentage rate, and 20 percent 

received credit at a higher annual percentage rate. Approximately 80 percent 

of the sampled consumers have a credit 

score at or above 750 (on a scale of 350 

to 850), and 20 percent have a credit 

score below 750. Thus, the card issuer 

selects 750 as its cutoff score. A consumer applies to the credit card issuer 

for a credit card. The card issuer obtains a credit score for the consumer. 

The consumer’s credit score is 740. 

Since the consumer’s 740 credit score 

falls below the 750 cutoff score, the 

credit card issuer must provide a riskbased pricing notice to the consumer. 

(C) An auto lender engages in riskbased pricing, obtains credit scores 

from one of the nationwide consumer 

reporting agencies, and uses the credit 

score proxy method to determine which 

consumers must receive a risk-based 

pricing notice. A consumer applies to 

the auto lender for credit to finance 

the purchase of an automobile. A credit 

score about that consumer is not available from the consumer reporting agency from which the lender obtains credit 

scores. The lender nevertheless grants, 

extends, or provides credit to the consumer. The lender must provide a riskbased pricing notice to the consumer. 

(2) Tiered pricing method—(i) In general. A person that sets the material 

terms of credit granted, extended, or 

provided to a consumer by placing the 
424 

§ 1022.72 12 CFR Ch. X (1–1–12 Edition) 

consumer within one of a discrete number of pricing tiers for a specific type 

of credit product, based in whole or in 

part on a consumer report, may comply 

with the requirements of paragraph (a) 

of this section by providing a riskbased pricing notice to each consumer 

who is not placed within the top pricing tier or tiers, as described below. 

(ii) Four or fewer pricing tiers. If a person using the tiered pricing method has 

four or fewer pricing tiers, the person 

complies with the requirements of 

paragraph (a) of this section by providing a risk-based pricing notice to 

each consumer to whom it grants, extends, or provides credit who does not 

qualify for the top tier (that is, the 

lowest-priced tier). For example, a person that uses a tiered pricing structure 

with annual percentage rates of 8, 10, 

12, and 14 percent would provide the 

risk-based pricing notice to each consumer to whom it grants, extends, or 

provides credit at annual percentage 

rates of 10, 12, and 14 percent. 

(iii) Five or more pricing tiers. If a person using the tiered pricing method has 

five or more pricing tiers, the person 

complies with the requirements of 

paragraph (a) of this section by providing a risk-based pricing notice to 

each consumer to whom it grants, extends, or provides credit who does not 

qualify for the top two tiers (that is, 

the two lowest-priced tiers) and any 

other tier that, together with the top 

tiers, comprise no less than the top 30 

percent but no more than the top 40 

percent of the total number of tiers. 

Each consumer placed within the remaining tiers must receive a risk-based 

pricing notice. For example, if a person 

has nine pricing tiers, the top three 

tiers (that is, the three lowest-priced 

tiers) comprise no less than the top 30 

percent but no more than the top 40 

percent of the tiers. Therefore, a person using this method would provide a 

risk-based pricing notice to each consumer to whom it grants, extends, or 

provides credit who is placed within 

the bottom six tiers. 

(c) Application to credit card issuers— 

(1) In general. A credit card issuer subject to the requirements of paragraph 

(a) of this section may use one of the 

methods set forth in paragraph (b) of 

this section to identify consumers to 

whom it must provide a risk-based 

pricing notice. Alternatively, a credit 

card issuer may satisfy its obligations 

under paragraph (a) of this section by 

providing a risk-based pricing notice to 

a consumer when: 

(i) A consumer applies for a credit 

card either in connection with an application program, such as a directmail offer or a take-one application, or 

in response to a solicitation under 12 

CFR 1026.60, and more than a single 

possible purchase annual percentage 

rate may apply under the program or 

solicitation; and 

(ii) Based in whole or in part on a 

consumer report, the credit card issuer 

provides a credit card to the consumer 

with an annual percentage rate referenced in §1022.71(n)(1)(ii) that is 

greater than the lowest annual percentage rate referenced in 

§1022.71(n)(1)(ii) available in connection

with the application or solicitation. 

(2) No requirement to compare different 

offers. A credit card issuer is not subject to the requirements of paragraph 

(a) of this section and is not required 

to provide a risk-based pricing notice 

to a consumer if: 

(i) The consumer applies for a credit 

card for which the card issuer provides 

a single annual percentage rate referenced in §1022.71(n)(1)(ii), excluding a 

temporary initial rate that is lower 

than the rate that will apply after the 

temporary rate expires and a penalty 

rate that will apply upon the occurrence of one or more specific events, 

such as a late payment or an extension 

of credit that exceeds the credit limit; 

or 

(ii) The credit card issuer offers the 

consumer the lowest annual percentage 

rate referenced in §1022.71(n)(1)(ii) 

available under the credit card offer for 

which the consumer applied, even if a 

lower annual percentage rate referenced in §1022.71(n)(1)(ii) is available 

under a different credit card offer 

issued by the card issuer. 

(3) Examples. (i) A credit card issuer 

sends a solicitation to the consumer 

that discloses several possible purchase 

annual percentage rates that may 

apply, such as 10, 12, or 14 percent, or a 

range of purchase annual percentage 
425 

Bur. of Consumer Financial Protection § 1022.73

rates from 10 to 14 percent. The consumer applies for a credit card in response to the solicitation. The card 

issuer provides a credit card to the consumer with a purchase annual percentage rate of 12 percent based in whole or 

in part on a consumer report. Unless an 

exception applies under §1022.74, the 

card issuer may satisfy its obligations 

under paragraph (a) of this section by 

providing a risk-based pricing notice to 

the consumer because the consumer received credit at a purchase annual percentage rate greater than the lowest 

purchase annual percentage rate available under that solicitation. 

(ii) The same facts as in the example 

in paragraph (c)(3)(i) of this section, 

except that the card issuer provides a 

credit card to the consumer at a purchase annual percentage rate of 10 percent. The card issuer is not required to 

provide a risk-based pricing notice to 

the consumer even if, under a different 

credit card solicitation, that consumer 

or other consumers might qualify for a 

purchase annual percentage rate of 8 

percent. 

(d) Account review—(1) In general. Except as otherwise provided in this subpart, a person is subject to the requirements of paragraph (a) of this section 

and must provide a risk-based pricing 

notice to a consumer in the form and 

manner required by this subpart if the 

person: 

(i) Uses a consumer report in connection with a review of credit that has 

been extended to the consumer; and 

(ii) Based in whole or in part on the 

consumer report, increases the annual 

percentage rate (the annual percentage 

rate referenced in §1022.71(n)(1)(ii) in 

the case of a credit card). 

(2) Example. A credit card issuer periodically obtains consumer reports for 

the purpose of reviewing the terms of 

credit it has extended to consumers in 

connection with credit cards. As a result of this review, the credit card 

issuer increases the purchase annual 

percentage rate applicable to a consumer’s credit card based in whole or 

in part on information in a consumer 

report. The credit card issuer is subject 

to the requirements of paragraph (a) of 

this section and must provide a riskbased pricing notice to the consumer. 

§ 1022.73 Content, form, and timing of

risk-based pricing notices. 

(a) Content of the notice—(1) In general. The risk-based pricing notice required by §1022.72(a) or (c) must include: 

(i) A statement that a consumer report (or credit report) includes information about the consumer’s credit 

history and the type of information included in that history; 

(ii) A statement that the terms offered, such as the annual percentage 

rate, have been set based on information from a consumer report; 

(iii) A statement that the terms offered may be less favorable than the 

terms offered to consumers with better 

credit histories; 

(iv) A statement that the consumer 

is encouraged to verify the accuracy of 

the information contained in the consumer report and has the right to dispute any inaccurate information in the 

report; 

(v) The identity of each consumer reporting agency that furnished a consumer report used in the credit decision; 

(vi) A statement that Federal law 

gives the consumer the right to obtain 

a copy of a consumer report from the 

consumer reporting agency or agencies 

identified in the notice without charge 

for 60 days after receipt of the notice; 

(vii) A statement informing the consumer how to obtain a consumer report 

from the consumer reporting agency or 

agencies identified in the notice and 

providing contact information (including a toll-free telephone number, where 

applicable) specified by the consumer 

reporting agency or agencies; 

(viii) A statement directing consumers to the Web site of the Bureau 

to obtain more information about consumer reports; and 

(ix) If a credit score of the consumer 

to whom a person grants, extends, or 

otherwise provides credit is used in setting the material terms of credit: 

(A) A statement that a credit score is 

a number that takes into account information in a consumer report, that 

the consumer’s credit score was used to 

set the terms of credit offered, and that 

a credit score can change over time to 

reflect changes in the consumer’s credit history; 
426 

§ 1022.73 12 CFR Ch. X (1–1–12 Edition) 

(B) The credit score used by the person in making the credit decision; 

(C) The range of possible credit 

scores under the model used to generate the credit score; 

(D) All of the key factors that adversely affected the credit score, which 

shall not exceed four key factors, except that if one of the key factors is 

the number of enquiries made with respect to the consumer report, the number of key factors shall not exceed five; 

(E) The date on which the credit 

score was created; and 

(F) The name of the consumer reporting agency or other person that provided the credit score. 

(2) Account review. The risk-based 

pricing notice required by §1022.72(d) 

must include: 

(i) A statement that a consumer report (or credit report) includes information about the consumer’s credit 

history and the type of information included in that credit history; 

(ii) A statement that the person has 

conducted a review of the account 

using information from a consumer report; 

(iii) A statement that as a result of 

the review, the annual percentage rate 

on the account has been increased 

based on information from a consumer 

report; 

(iv) A statement that the consumer 

is encouraged to verify the accuracy of 

the information contained in the consumer report and has the right to dispute any inaccurate information in the 

report; 

(v) The identity of each consumer reporting agency that furnished a consumer report used in the account review; 

(vi) A statement that Federal law 

gives the consumer the right to obtain 

a copy of a consumer report from the 

consumer reporting agency or agencies 

identified in the notice without charge 

for 60 days after receipt of the notice; 

(vii) A statement informing the consumer how to obtain a consumer report 

from the consumer reporting agency or 

agencies identified in the notice and 

providing contact information (including a toll-free telephone number, where 

applicable) specified by the consumer 

reporting agency or agencies; 

(viii) A statement directing consumers to the Web site of the Bureau 

to obtain more information about consumer reports; and 

(ix) If a credit score of the consumer 

whose extension of credit is under review is used in increasing the annual 

percentage rate: 

(A) A statement that a credit score is 

a number that takes into account information in a consumer report, that 

the consumer’s credit score was used to 

set the terms of credit offered, and that 

a credit score can change over time to 

reflect changes in the consumer’s credit history; 

(B) The credit score used by the person in making the credit decision; 

(C) The range of possible credit 

scores under the model used to generate the credit score; 

(D) All of the key factors that adversely affected the credit score, which 

shall not exceed four key factors, except that if one of the key factors is 

the number of enquires made with respect to the consumer report, the number of key factors shall not exceed five; 

(E) The date on which the credit 

score was created; and 

(F) The name of the consumer reporting agency or other person that provided the credit score. 

(b) Form of the notice—(1) In general. 

The risk-based pricing notice required 

by §1022.72(a), (c), or (d) must be: 

(i) Clear and conspicuous; and 

(ii) Provided to the consumer in oral, 

written, or electronic form. 

(2) Model forms. Model forms of the 

risk-based pricing notice required by 

§1022.72(a) and (c) are contained in appendices H–1 and H–6 of this part. Appropriate use of Model Form H–1 or H– 

6 is deemed to comply with the requirements of §1022.72(a) and (c). Model 

forms of the risk-based pricing notice 

required by §1022.72(d) are contained in 

appendices H–2 and H–7 of this part. 

Appropriate use of Model Form H–2 or 

H–7 is deemed to comply with the requirements of §1022.72(d). Use of the 

model forms is optional. 

(c) Timing—(1) General. Except as provided in paragraph (c)(3) of this section, a risk-based pricing notice must 

be provided to the consumer: 

(i) In the case of a grant, extension, 

or other provision of closed-end credit, 
427 

Bur. of Consumer Financial Protection § 1022.73

before consummation of the transaction, but not earlier than the time 

the decision to approve an application 

for, or a grant, extension, or other provision of, credit, is communicated to 

the consumer by the person required to 

provide the notice; 

(ii) In the case of credit granted, extended, or provided under an open-end 

credit plan, before the first transaction 

is made under the plan, but not earlier 

than the time the decision to approve 

an application for, or a grant, extension, or other provision of, credit is 

communicated to the consumer by the 

person required to provide the notice; 

or 

(iii) In the case of a review of credit 

that has been extended to the consumer, at the time the decision to increase the annual percentage rate (annual percentage rate referenced in 

§1022.71(n)(1)(ii) in the case of a credit

card) based on a consumer report is 

communicated to the consumer by the 

person required to provide the notice, 

or if no notice of the increase in the 

annual percentage rate is provided to 

the consumer prior to the effective 

date of the change in the annual percentage rate (to the extent permitted 

by law), no later than five days after 

the effective date of the change in the 

annual percentage rate. 

(2) Application to certain automobile 

lending transactions. When a person to 

whom a credit obligation is initially 

payable grants, extends, or provides 

credit to a consumer for the purpose of 

financing the purchase of an automobile from an auto dealer or other 

party that is not affiliated with the 

person, any requirement to provide a 

risk-based pricing notice pursuant to 

this subpart is satisfied if the person: 

(i) Provides a notice described in 

§1022.72(a), §1022.74(e), or §1022.74(f) to

the consumer within the time periods 

set forth in paragraph (c)(1)(i) of this 

section, §1022.74(e)(3), or §1022.74(f)(4), 

as applicable; or 

(ii) Arranges to have the auto dealer 

or other party provide a notice described in §1022.72(a), §1022.74(e), or 

§1022.74(f) to the consumer on its behalf

within the time periods set forth in 

paragraph (c)(1)(i) of this section, 

§1022.74(e)(3), or §1022.74(f)(4), as applicable, and maintains reasonable policies and procedures to verify that the 

auto dealer or other party provides 

such notice to the consumer within the 

applicable time periods. If the person 

arranges to have the auto dealer or 

other party provide a notice described 

in §1022.74(e), the person’s obligation is 

satisfied if the consumer receives a notice containing a credit score obtained 

by the dealer or other party, even if a 

different credit score is obtained and 

used by the person on whose behalf the 

notice is provided. 

(3) Timing requirements for contemporaneous purchase credit. When credit 

under an open-end credit plan is granted, extended, or provided to a consumer 

in person or by telephone for the purpose of financing the contemporaneous 

purchase of goods or services, any riskbased pricing notice required to be provided pursuant to this subpart (or the 

disclosures permitted under §1022.74(e) 

or (f)) may be provided at the earlier 

of: 

(i) The time of the first mailing by 

the person to the consumer after the 

decision is made to approve the grant, 

extension, or other provision of openend credit, such as in a mailing containing the account agreement or a 

credit card; or 

(ii) Within 30 days after the decision 

to approve the grant, extension, or 

other provision of credit. 

(d) Multiple credit scores—(1) In general. When a person obtains or creates 

two or more credit scores and uses one 

of those credit scores in setting the 

material terms of credit, for example, 

by using the low, middle, high, or most 

recent score, the notices described in 

paragraphs (a)(1) and (2) of this section 

must include that credit score and information relating to that credit score 

required by paragraphs (a)(1)(ix) and 

(a)(2)(ix). When a person obtains or creates two or more credit scores and uses 

multiple credit scores in setting the 

material terms of credit by, for example, computing the average of all the 

credit scores obtained or created, the 

notices described in paragraphs (a)(1) 

and (2) of this section must include one 

of those credit scores and information 

relating to credit scores required by 

paragraphs (a)(1)(ix) and (a)(2)(ix). The 

notice may, at the person’s option, include more than one credit score, along 
428 

§ 1022.74 12 CFR Ch. X (1–1–12 Edition) 

with the additional information specified in paragraphs (a)(1)(ix) and 

(a)(2)(ix) of this section for each credit 

score disclosed. 

(2) Examples. (i) A person that uses 

consumer reports to set the material 

terms of credit cards granted, extended, or provided to consumers regularly requests credit scores from several consumer reporting agencies and 

uses the low score when determining 

the material terms it will offer to the 

consumer. That person must disclose 

the low score in the notices described 

in paragraphs (a)(1) and (2) of this section. 

(ii) A person that uses consumer reports to set the material terms of automobile loans granted, extended, or provided to consumers regularly requests 

credit scores from several consumer reporting agencies, each of which it uses 

in an underwriting program in order to 

determine the material terms it will 

offer to the consumer. That person 

may choose one of these scores to include in the notices described in paragraph (a)(1) and (2) of this section. 

§ 1022.74 Exceptions.

(a) Application for specific terms—(1) In

general. A person is not required to provide a risk-based pricing notice to the 

consumer under §1022.72(a) or (c) if the 

consumer applies for specific material 

terms and is granted those terms, unless those terms were specified by the 

person using a consumer report after 

the consumer applied for or requested 

credit and after the person obtained 

the consumer report. For purposes of 

this section, ‘‘specific material terms’’ 

means a single material term, or set of 

material terms, such as an annual percentage rate of 10 percent, and not a 

range of alternatives, such as an annual percentage rate that may be 8, 10, 

or 12 percent, or between 8 and 12 percent. 

(2) Example. A consumer receives a 

firm offer of credit from a credit card 

issuer. The terms of the firm offer are 

based in whole or in part on information from a consumer report that the 

credit card issuer obtained under the 

FCRA’s firm offer of credit provisions. 

The solicitation offers the consumer a 

credit card with a single purchase annual percentage rate of 12 percent. The 

consumer applies for and receives a 

credit card with an annual percentage 

rate of 12 percent. Other customers 

with the same credit card have a purchase annual percentage rate of 10 percent. The exception applies because the 

consumer applied for specific material 

terms and was granted those terms. Although the credit card issuer specified 

the annual percentage rate in the firm 

offer of credit based in whole or in part 

on a consumer report, the credit card 

issuer specified that material term before, not after, the consumer applied for 

or requested credit. 

(b) Adverse action notice. A person is 

not required to provide a risk-based 

pricing notice to the consumer under 

§1022.72(a), (c), or (d) if the person provides an adverse action notice to the 

consumer under section 615(a) of the 

FCRA. 

(c) Prescreened solicitations—(1) In general. A person is not required to provide 

a risk-based pricing notice to the consumer under §1022.72(a) or (c) if the person: 

(i) Obtains a consumer report that is 

a prescreened list as described in section 604(c)(2) of the FCRA; and 

(ii) Uses the consumer report for the 

purpose of making a firm offer of credit 

to the consumer. 

(2) More favorable material terms. This 

exception applies to any firm offer of 

credit offered by a person to a consumer, even if the person makes other 

firm offers of credit to other consumers 

on more favorable material terms. 

(3) Example. A credit card issuer obtains two prescreened lists from a consumer reporting agency. One list includes consumers with high credit 

scores. The other list includes consumers with low credit scores. The 

issuer mails a firm offer of credit to 

the high credit score consumers with a 

single purchase annual percentage rate 

of 10 percent. The issuer also mails a 

firm offer of credit to the low credit 

score consumers with a single purchase 

annual percentage rate of 14 percent. 

The credit card issuer is not required 

to provide a risk-based pricing notice 

to the low credit score consumers who 

receive the 14 percent offer because use 

of a consumer report to make a firm 

offer of credit does not trigger the riskbased pricing notice requirement. 
429 

Bur. of Consumer Financial Protection § 1022.74 

(d) Loans secured by residential real 

property—credit score disclosure—(1) In 

general. A person is not required to provide a risk-based pricing notice to a 

consumer under §1022.72(a) or (c) if: 

(i) The consumer requests from the 

person an extension of credit that is or 

will be secured by one to four units of 

residential real property; and 

(ii) The person provides to each consumer described in paragraph (d)(1)(i) 

of this section a notice that contains 

the following: 

(A) A statement that a consumer report (or credit report) is a record of the 

consumer’s credit history and includes 

information about whether the consumer pays his or her obligations on 

time and how much the consumer owes 

to creditors; 

(B) A statement that a credit score is 

a number that takes into account information in a consumer report and 

that a credit score can change over 

time to reflect changes in the consumer’s credit history; 

(C) A statement that the consumer’s 

credit score can affect whether the consumer can obtain credit and what the 

cost of that credit will be; 

(D) The information required to be 

disclosed to the consumer pursuant to 

section 609(g) of the FCRA; 

(E) The distribution of credit scores 

among consumers who are scored under 

the same scoring model that is used to 

generate the consumer’s credit score 

using the same scale as that of the 

credit score that is provided to the consumer, presented in the form of a bar 

graph containing a minimum of six 

bars that illustrates the percentage of 

consumers with credit scores within 

the range of scores reflected in each 

bar or by other clear and readily understandable graphical means, or a clear 

and readily understandable statement 

informing the consumer how his or her 

credit score compares to the scores of 

other consumers. Use of a graph or 

statement obtained from the person 

providing the credit score that meets 

the requirements of this paragraph 

(d)(1)(ii)(E) is deemed to comply with 

this requirement; 

(F) A statement that the consumer is 

encouraged to verify the accuracy of 

the information contained in the consumer report and has the right to dispute any inaccurate information in the 

report; 

(G) A statement that Federal law 

gives the consumer the right to obtain 

copies of his or her consumer reports 

directly from the consumer reporting 

agencies, including a free report from 

each of the nationwide consumer reporting agencies once during any 12- 

month period; 

(H) Contact information for the centralized source from which consumers 

may obtain their free annual consumer 

reports; and 

(I) A statement directing consumers 

to the Web site of the Bureau to obtain 

more information about consumer reports. 

(2) Form of the notice. The notice described in paragraph (d)(1)(ii) of this 

section must be: 

(i) Clear and conspicuous; 

(ii) Provided on or with the notice required by section 609(g) of the FCRA; 

(iii) Segregated from other information provided to the consumer, except 

for the notice required by section 609(g) 

of the FCRA; and 

(iv) Provided to the consumer in 

writing and in a form that the consumer may keep. 

(3) Timing. The notice described in 

paragraph (d)(1)(ii) of this section must 

be provided to the consumer at the 

time the disclosure required by section 

609(g) of the FCRA is provided to the 

consumer, but in any event at or before 

consummation in the case of closedend credit or before the first transaction is made under an open-end credit plan. 

(4) Multiple credit scores—(i) In general. When a person obtains two or 

more credit scores from consumer reporting agencies and uses one of those 

credit scores in setting the material 

terms of credit granted, extended, or 

otherwise provided to a consumer, for 

example, by using the low, middle, 

high, or most recent score, the notice 

described in paragraph (d)(1)(ii) of this 

section must include that credit score 

and the other information required by 

that paragraph. When a person obtains 

two or more credit scores from consumer reporting agencies and uses multiple credit scores in setting the material terms of credit granted, extended, 

or otherwise provided to a consumer, 
430 

§ 1022.74 12 CFR Ch. X (1–1–12 Edition) 

for example, by computing the average 

of all the credit scores obtained, the 

notice described in paragraph (d)(1)(ii) 

of this section must include one of 

those credit scores and the other information required by that paragraph. 

The notice may, at the person’s option, 

include more than one credit score, 

along with the additional information 

specified in paragraph (d)(1)(ii) of this 

section for each credit score disclosed. 

(ii) Examples. (A) A person that uses 

consumer reports to set the material 

terms of mortgage credit granted, extended, or provided to consumers regularly requests credit scores from several consumer reporting agencies and 

uses the low score when determining 

the material terms it will offer to the 

consumer. That person must disclose 

the low score in the notice described in 

paragraph (d)(1)(ii) of this section. 

(B) A person that uses consumer reports to set the material terms of 

mortgage credit granted, extended, or 

provided to consumers regularly requests credit scores from several consumer reporting agencies, each of 

which it uses in an underwriting program in order to determine the material terms it will offer to the consumer. 

That person may choose one of these 

scores to include in the notice described in paragraph (d)(1)(ii) of this 

section. 

(5) Model form. A model form of the 

notice described in paragraph (d)(1)(ii) 

of this section consolidated with the 

notice required by section 609(g) of the 

FCRA is contained in appendix H–3 of 

this part. Appropriate use of Model 

Form H–3 is deemed to comply with the 

requirements of §1022.74(d). Use of the 

model form is optional. 

(e) Other extensions of credit—credit 

score disclosure—(1) In general. A person 

is not required to provide a risk-based 

pricing notice to a consumer under 

§1022.72(a) or (c) if: 

(i) The consumer requests from the 

person an extension of credit other 

than credit that is or will be secured by 

one to four units of residential real 

property; and 

(ii) The person provides to each consumer described in paragraph (e)(1)(i) 

of this section a notice that contains 

the following: 

(A) A statement that a consumer report (or credit report) is a record of the 

consumer’s credit history and includes 

information about whether the consumer pays his or her obligations on 

time and how much the consumer owes 

to creditors; 

(B) A statement that a credit score is 

a number that takes into account information in a consumer report and 

that a credit score can change over 

time to reflect changes in the consumer’s credit history; 

(C) A statement that the consumer’s 

credit score can affect whether the consumer can obtain credit and what the 

cost of that credit will be; 

(D) The current credit score of the 

consumer or the most recent credit 

score of the consumer that was previously calculated by the consumer reporting agency for a purpose related to 

the extension of credit; 

(E) The range of possible credit 

scores under the model used to generate the credit score; 

(F) The distribution of credit scores 

among consumers who are scored under 

the same scoring model that is used to 

generate the consumer’s credit score 

using the same scale as that of the 

credit score that is provided to the consumer, presented in the form of a bar 

graph containing a minimum of six 

bars that illustrates the percentage of 

consumers with credit scores within 

the range of scores reflected in each 

bar, or by other clear and readily understandable graphical means, or a 

clear and readily understandable statement informing the consumer how his 

or her credit score compares to the 

scores of other consumers. Use of a 

graph or statement obtained from the 

person providing the credit score that 

meets the requirements of this paragraph (e)(1)(ii)(F) is deemed to comply 

with this requirement; 

(G) The date on which the credit 

score was created; 

(H) The name of the consumer reporting agency or other person that provided the credit score; 

(I) A statement that the consumer is 

encouraged to verify the accuracy of 

the information contained in the consumer report and has the right to dispute any inaccurate information in the 

report; 
431 

Bur. of Consumer Financial Protection § 1022.74

(J) A statement that Federal law 

gives the consumer the right to obtain 

copies of his or her consumer reports 

directly from the consumer reporting 

agencies, including a free report from 

each of the nationwide consumer reporting agencies once during any 12- 

month period; 

(K) Contact information for the centralized source from which consumers 

may obtain their free annual consumer 

reports; and 

(L) A statement directing consumers 

to the Web site of the Bureau to obtain 

more information about consumer reports. 

(2) Form of the notice. The notice described in paragraph (e)(1)(ii) of this 

section must be: 

(i) Clear and conspicuous; 

(ii) Segregated from other information provided to the consumer; and 

(iii) Provided to the consumer in 

writing and in a form that the consumer may keep. 

(3) Timing. The notice described in 

paragraph (e)(1)(ii) of this section must 

be provided to the consumer as soon as 

reasonably practicable after the credit 

score has been obtained, but in any 

event at or before consummation in the 

case of closed-end credit or before the 

first transaction is made under an 

open-end credit plan. 

(4) Multiple credit scores—(i) In general. When a person obtains two or 

more credit scores from consumer reporting agencies and uses one of those 

credit scores in setting the material 

terms of credit granted, extended, or 

otherwise provided to a consumer, for 

example, by using the low, middle, 

high, or most recent score, the notice 

described in paragraph (e)(1)(ii) of this 

section must include that credit score 

and the other information required by 

that paragraph. When a person obtains 

two or more credit scores from consumer reporting agencies and uses multiple credit scores in setting the material terms of credit granted, extended, 

or otherwise provided to a consumer, 

for example, by computing the average 

of all the credit scores obtained, the 

notice described in paragraph (e)(1)(ii) 

of this section must include one of 

those credit scores and the other information required by that paragraph. 

The notice may, at the person’s option, 

include more than one credit score, 

along with the additional information 

specified in paragraph (e)(1)(ii) of this 

section for each credit score disclosed. 

(ii) Examples. The manner in which 

multiple credit scores are to be disclosed under this section are substantially identical to the manner set forth 

in the examples contained in paragraph 

(d)(4)(ii) of this section. 

(5) Model form. A model form of the 

notice described in paragraph (e)(1)(ii) 

of this section is contained in appendix 

H–4 of this part. Appropriate use of 

Model Form H–4 is deemed to comply 

with the requirements of §1022.74(e). 

Use of the model form is optional. 

(f) Credit score not available—(1) In 

general. A person is not required to provide a risk-based pricing notice to a 

consumer under §1022.72(a) or (c) if the 

person: 

(i) Regularly obtains credit scores 

from a consumer reporting agency and 

provides credit score disclosures to 

consumers in accordance with paragraphs (d) or (e) of this section, but a 

credit score is not available from the 

consumer reporting agency from which 

the person regularly obtains credit 

scores for a consumer to whom the person grants, extends, or provides credit; 

(ii) Does not obtain a credit score 

from another consumer reporting agency in connection with granting, extending, or providing credit to the consumer; and 

(iii) Provides to the consumer a notice that contains the following: 

(A) A statement that a consumer report (or credit report) includes information about the consumer’s credit 

history and the type of information included in that history; 

(B) A statement that a credit score is 

a number that takes into account information in a consumer report and 

that a credit score can change over 

time in response to changes in the consumer’s credit history; 

(C) A statement that credit scores 

are important because consumers with 

higher credit scores generally obtain 

more favorable credit terms; 

(D) A statement that not having a 

credit score can affect whether the consumer can obtain credit and what the 

cost of that credit will be; 
432 

§ 1022.75 12 CFR Ch. X (1–1–12 Edition) 

(E) A statement that a credit score 

about the consumer was not available 

from a consumer reporting agency, 

which must be identified by name, generally due to insufficient information 

regarding the consumer’s credit history; 

(F) A statement that the consumer is 

encouraged to verify the accuracy of 

the information contained in the consumer report and has the right to dispute any inaccurate information in the 

consumer report; 

(G) A statement that Federal law 

gives the consumer the right to obtain 

copies of his or her consumer reports 

directly from the consumer reporting 

agencies, including a free consumer report from each of the nationwide consumer reporting agencies once during 

any 12-month period; 

(H) The contact information for the 

centralized source from which consumers may obtain their free annual 

consumer reports; and 

(I) A statement directing consumers 

to the Web site of the Bureau to obtain 

more information about consumer reports. 

(2) Example. A person that uses consumer reports to set the material 

terms of non-mortgage credit granted, 

extended, or provided to consumers 

regularly requests credit scores from a 

particular consumer reporting agency 

and provides those credit scores and 

additional information to consumers to 

satisfy the requirements of paragraph 

(e) of this section. That consumer reporting agency provides to the person a 

consumer report on a particular consumer that contains one trade line, but 

does not provide the person with a 

credit score on that consumer. If the 

person does not obtain a credit score 

from another consumer reporting agency and, based in whole or in part on information in a consumer report, 

grants, extends, or provides credit to 

the consumer, the person may provide 

the notice described in paragraph 

(f)(1)(iii) of this section. If, however, 

the person obtains a credit score from 

another consumer reporting agency, 

the person may not rely upon the exception in paragraph (f) of this section, 

but may satisfy the requirements of 

paragraph (e) of this section. 

(3) Form of the notice. The notice described in paragraph (f)(1)(iii) of this 

section must be: 

(i) Clear and conspicuous; 

(ii) Segregated from other information provided to the consumer; and 

(iii) Provided to the consumer in 

writing and in a form that the consumer may keep. 

(4) Timing. The notice described in 

paragraph (f)(1)(iii) of this section 

must be provided to the consumer as 

soon as reasonably practicable after 

the person has requested the credit 

score, but in any event not later than 

consummation of a transaction in the 

case of closed-end credit or when the 

first transaction is made under an 

open-end credit plan. 

(5) Model form. A model form of the 

notice described in paragraph (f)(1)(iii) 

of this section is contained in appendix 

H–5 of this part. Appropriate use of 

Model Form H–5 is deemed to comply 

with the requirements of §1022.74(f). 

Use of the model form is optional. 

§ 1022.75 Rules of construction. 

For purposes of this subpart, the following rules of construction apply: 

(a) One notice per credit extension. A 

consumer is entitled to no more than 

one risk-based pricing notice under 

§1022.72(a) or (c), or one notice under 

§1022.74(d), (e), or (f), for each grant, 

extension, or other provision of credit. 

Notwithstanding the foregoing, even if 

a consumer has previously received a 

risk-based pricing notice in connection 

with a grant, extension, or other provision of credit, another risk-based pricing notice is required if the conditions 

set forth in §1022.72(d) have been met. 

(b) Multi-party transactions—(1) Initial 

creditor. The person to whom a credit 

obligation is initially payable must 

provide the risk-based pricing notice 

described in §1022.72(a) or (c), or satisfy 

the requirements for and provide the 

notice required under one of the exceptions in §1022.74(d), (e), or (f), even if 

that person immediately assigns the 

credit agreement to a third party and 

is not the source of funding for the 

credit. 

(2) Purchasers or assignees. A purchaser or assignee of a credit contract 

with a consumer is not subject to the 

requirements of this subpart and is not 
433 

Bur. of Consumer Financial Protection § 1022.82 

required to provide the risk-based pricing notice described in §1022.72(a) or 

(c), or satisfy the requirements for and 

provide the notice required under one 

of the exceptions in §1022.74(d), (e), or 

(f). 

(3) Example. A consumer obtains credit to finance the purchase of an automobile. If a bank or finance company is 

the person to whom the loan obligation 

is initially payable, the bank or finance company must provide the riskbased pricing notice to the consumer 

(or satisfy the requirements for and 

provide the notice required under one 

of the exceptions noted above) based on 

the terms offered by that bank or finance company only. The auto dealer 

has no duty to provide a risk-based 

pricing notice to the consumer. However, the bank or finance company may 

comply with this rule if the auto dealer 

has agreed to provide notices to consumers before consummation pursuant 

to an arrangement with the bank or finance company, as permitted under 

§1022.73(c). 

(c) Multiple consumers—(1) Risk-based 

pricing notices. In a transaction involving two or more consumers who are 

granted, extended, or otherwise provided credit, a person must provide a 

notice to each consumer to satisfy the 

requirements of §1022.72(a) or (c). 

Whether the consumers have the same 

address or not, the person must provide 

a separate notice to each consumer if a 

notice includes a credit score(s). Each 

separate notice that includes a credit 

score(s) must contain only the credit 

score(s) of the consumer to whom the 

notice is provided, and not the credit 

score(s) of the other consumer. If the 

consumers have the same address, and 

the notice does not include a credit 

score(s), a person may satisfy the requirements by providing a single notice 

addressed to both consumers. 

(2) Credit score disclosure notices. In a 

transaction involving two or more consumers who are granted, extended, or 

otherwise provided credit, a person 

must provide a separate notice to each 

consumer to satisfy the exceptions in 

§1022.74(d), (e), or (f). Whether the consumers have the same address or not, 

the person must provide a separate notice to each consumer. Each separate 

notice must contain only the credit 

score(s) of the consumer to whom the 

notice is provided, and not the credit 

score(s) of the other consumer. 

(3) Examples. (i) Two consumers jointly apply for credit with a creditor. The 

creditor obtains credit scores on both 

consumers. Based in part on the credit 

scores, the creditor grants credit to the 

consumers on material terms that are 

materially less favorable than the most 

favorable terms available to other consumers from the creditor. The creditor 

provides risk-based pricing notices to 

satisfy its obligations under this subpart. The creditor must provide a separate risk-based pricing notice to each 

consumer whether the consumers have 

the same address or not. Each riskbased pricing notice must contain only 

the credit score(s) of the consumer to 

whom the notice is provided. 

(ii) Two consumers jointly apply for 

credit with a creditor. The two consumers reside at the same address. The 

creditor obtains credit scores on each 

of the two consumer applicants. The 

creditor grants credit to the consumers. The creditor provides credit 

score disclosure notices to satisfy its 

obligations under this subpart. Even 

though the two consumers reside at the 

same address, the creditor must provide a separate credit score disclosure 

notice to each of the consumers. Each 

notice must contain only the credit 

score of the consumer to whom the notice is provided. 

Subpart I—Duties of Users of Consumer Reports Regarding 

Identity Theft 

§§ 1022.80–1022.81 [Reserved] 

§ 1022.82 Duties of users regarding address discrepancies. 

(a) Scope. This section applies to a 

user of consumer reports (user) that receives a notice of address discrepancy 

from a consumer reporting agency described in 15 U.S.C. 1681a(p), except for 

a person excluded from coverage of this 

part by section 1029 of the Consumer 

Financial Protection Act of 2010, Title 

X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, 

Public Law 111–203, 124 Stat. 137. 

(b) Definition. For purposes of this 

section, a notice of address discrepancy