Federal Reserve and FTC Issue Final Rules to Implement the Credit Score Disclosure Requirements of the Dodd-Frank Act

July 7, 2011

The Federal Reserve Board (Board) and the Federal Trade Commission (FTC) on July 6, 2011 issued final rules to implement the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If a credit score is used in setting material terms of credit or in taking adverse action, the statute requires creditors to disclose credit scores and related information to consumers in notices under the Fair Credit Reporting Act (FCRA).

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