Agencies Issue Final Rules on Risk-Based Pricing Notices

February 3, 2010

The Federal Reserve Board and the Federal Trade Commission announced on December 22, 2009 final rules that generally require a creditor to provide a consumer with a notice when, based on the consumer's credit report, the creditor provides credit to the consumer on less favorable terms than it provides to other consumers. Consumers who receive this 'risk-based pricing' notice will be able to obtain a free credit report to check the accuracy of the report.