Sec. 203. Disclosures relating to credit scores and educational credit scores
540 words·~2 min read·
/bill/116/hr/3621/rds/section-203A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 609(f) of the Fair Credit Reporting Act ( 15 U.S.C. 1681g(f) ), as amended by section 202, is further amended by adding at the end the following new paragraphs: A consumer reporting agency that generates or provides credit scores or educational credit scores shall clearly and conspicuously display on the home page of the agency’s Internet website, and as part of any application, solicitation, or marketing material or media providing information related to a credit score or educational credit score, the following notice, in boldface type of 18-point font or larger and in a text box with boldface outer borders:
There is no “one” credit score. There are many scoring formulas derived from a wide variety of models available to a consumer and used by lenders and creditors. Different lenders and creditors use different scoring formulas to determine whether to extend credit or make a loan to you, and the terms of the credit or loan. An educational credit score is not a credit score that a person who makes a loan or extends credit to you is likely to use. Educational credit scores are merely intended to be used as an educational tool to help consumers understand how the information contained in a consumer report may affect the terms and conditions of a loan or extension of credit that may be available to a consumer.
Lenders and creditors may also rely on information not contained in your consumer report and not reflected in the calculation of your credit score. . If an educational credit score is provided pursuant to paragraph (1), a consumer reporting agency shall clearly and conspicuously include in a prominent location on the statement, in boldface type of 18-point font or larger, and in a text box with boldface outer borders, the following notice: The educational credit score provided to you is not a credit score that a lender or creditor is likely to use to make a loan or extend credit to you.
There are many different credit scores derived from a wide variety of models used by lenders and creditors. An educational credit score is merely an educational tool. It is intended to provide consumers with a basic understanding of how the information contained in a consumer report may affect the terms and conditions of credit that are available. The credit scores you receive directly from different lenders and creditors may not be the same as an educational credit score. There are a number of reasons for this:
Each company may use a different formula for calculating credit scores and the differences in the formulas may lead to differences in your scores. Companies may produce scores that give results on different scales. Not all lenders or creditors report to every consumer reporting agency, and therefore the information contained in your consumer report that the consumer reporting agencies use to calculate your educational credit score may differ among agencies. . A consumer reporting agency may not refer to an educational credit score as a credit score in any application, solicitation, marketing, or other informational materials or media.
The Bureau may modify the content, format, and manner of the disclaimers required under paragraphs
(5)and (6), if warranted, after conducting consumer testing or research. .
Connectionstraces to 1
Traces to 1 document
U.S. Code
Citation graph
cites case law
Sec. 203
Disclosures relating to credit scores and educational credit scores
Cites 1Cited by 0 across 0 sources