Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Saturday, May 18, 2024 | Back issues
Courthouse News Service Courthouse News Service

Creditors Must Disclose |Risk-Based Pricing

WASHINGTON (CN) - If a creditor plans to offer loan terms that are less favorable for one consumer than they would be for many others, the creditor must inform the consumer that a credit report is being used.

The notification allows the consumer to correct any errors on the report, which may improve the interest rate, according to rules issued by the Federal Trade Commission and the Federal Reserve Board of Governors.

The rule goes into effect Jan. 1, 2011.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.