Source: http://law.justia.com/codes/us/2011/title-15/chapter-41/subchapter-iii/section-1681g/
Timestamp: 2017-08-23 02:14:15
Document Index: 56496980

Matched Legal Cases: ['§ 1681', '§ 1601', '§ 1681', '§ 1681', '§115', '§2408', '§2408', '§2408']

15 USC § 1681g (2011) Disclosures to consumers :: Title 15 - Commerce and Trade :: 2011 US Code :: US Codes and Statutes :: US Law :: Justia
Justia US Law US Codes and Statutes US Code 2011 US Code Title 15 - Commerce and Trade Chapter 41 - CONSUMER CREDIT PROTECTION (§§ 1601 - 1693r) Subchapter III - CREDIT REPORTING AGENCIES (§§ 1681 - 1681x) Section 1681g - Disclosures to consumers
110 Stat. 3009-436
15 USC § 1681g (2011)
For purposes of this subsection, the term “victim” means a consumer whose means of identification or financial information has been used or transferred (or has been alleged to have been used or transferred) without the authority of that consumer, with the intent to commit, or to aid or abet, an identity theft or a similar crime.
The term “credit score”—
(i) means a numerical value or a categorization derived from a statistical tool or modeling system used by a person who makes or arranges a loan to predict the likelihood of certain credit behaviors, including default (and the numerical value or the categorization derived from such analysis may also be referred to as a “risk predictor” or “risk score”); and
The term “key factors” means all relevant elements or reasons adversely affecting the credit score for the particular individual, listed in the order of their importance based on their effect on the credit score.
Any person who makes or arranges loans and who uses a consumer credit score, as defined in subsection (f) of this section, in connection with an application initiated or sought by a consumer for a closed end loan or the establishment of an open end loan for a consumer purpose that is secured by 1 to 4 units of residential real property (hereafter in this subsection referred to as the “lender”) shall provide the following to the consumer as soon as reasonably practicable:
For purposes of this subparagraph, the term “enterprise” has the same meaning as in paragraph (6) of section 4502 of title 12.
“notice to the home loan applicant
“In connection with your application for a home loan, the lender must disclose to you the score that a consumer reporting agency distributed to users and the lender used in connection with your home loan, and the key factors affecting your credit scores.
“The credit score is a computer generated summary calculated at the time of the request and based on information that a consumer reporting agency or lender has on file. The scores are based on data about your credit history and payment patterns. Credit scores are important because they are used to assist the lender in determining whether you will obtain a loan. They may also be used to determine what interest rate you may be offered on the mortgage. Credit scores can change over time, depending on your conduct, how your credit history and payment patterns change, and how credit scoring technologies change.
“Because the score is based on information in your credit history, it is very important that you review the credit-related information that is being furnished to make sure it is accurate. Credit records may vary from one company to another.
“If you have questions about your credit score or the credit information that is furnished to you, contact the consumer reporting agency at the address and telephone number provided with this notice, or contact the lender, if the lender developed or generated the credit score. The consumer reporting agency plays no part in the decision to take any action on the loan application and is unable to provide you with specific reasons for the decision on a loan application.
“If you have questions concerning the terms of the loan, contact the lender.”.
As used in this subsection, the term “person” does not include an enterprise (as defined in paragraph (6) of section 4502 of title 12).
Section 1681b(b)(4) of this title, referred to in subsec. (a)(3)(C)(i), was subsequently amended, and section 1681b(b)(4)(E) no longer defines the term “classified information”. However, such term is defined elsewhere in that section.
2010—Pub. L. 111–203 substituted “the Bureau” for “the Commission” wherever appearing.
2003—Subsec. (a)(1). Pub. L. 108–159, §115, substituted “except that—
“(B) nothing”
for “except that nothing”.
1996—Subsec. (a). Pub. L. 104–208, §2408(e)(5)(A), in introductory provisions substituted “, and subject to section 1681h(a)(1) of this title” for “and proper identification of any consumer”.
Subsec. (a)(1). Pub. L. 104–208, §2408(a), amended par. (1) generally. Prior to amendment, par. (1) read as follows: “The nature and substance of all information (except medical information) in its files on the consumer at the time of the request.”
Subsec. (a)(3). Pub. L. 104–208, §2408(b), amended par. (3) generally. Prior to amendment, par. (3) read as follows: “The recipients of any consumer report on the consumer which it has furnished—
“(A) for employment purposes within the two-year period preceding the request, and
“(B) for any other purpose within the six-month period preceding the request.”
Section 2408(e)(2), (3) of div. A of Pub. L. 104–208 provided that:
“(2) Simplified disclosure.—Not later than 90 days after the date of enactment of this Act [Sept. 30, 1996], each consumer reporting agency shall develop a form on which such consumer reporting agency shall make the disclosures required under section 609(a) of the Fair Credit Reporting Act [15 U.S.C. 1681g(a)], for the purpose of maximizing the comprehensibility and standardization of such disclosures.
“(3) Goals.—The Federal Trade Commission shall take appropriate action to assure that the goals of comprehensibility and standardization are achieved in accordance with paragraph (2).”
2 So in original. Probably should be “Bureau”.
3 So in original. The word “an” probably should not appear.