
PC328 Use of Credit Information Disclosure Form CD 1 PC328 Use of Credit Information Disclosure Form CD 1
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People also ask
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Why did I get a credit score disclosure?
A credit score disclosure alerts a consumer about their credit score and other sources of information as required by the Fair Credit Reporting Act (FCRA). The FCRA is a U.S. government legislation that aims to protect consumer information that is collected by consumer reporting agencies or credit bureaus.
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What is the use of credit information disclosure?
If credit information is obtained or used on the applicant or insured, or on any member of the applicant's or insured's household, the insurer shall disclose to the applicant the name of each person on whom credit information was obtained or used and how each person's credit information was used to underwrite or rate ...
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What is the purpose of the FCRA?
The Fair Credit Reporting Act (FCRA) , 15 U.S.C. § 1681 et seq., governs access to consumer credit report records and promotes accuracy, fairness, and the privacy of personal information assembled by Credit Reporting Agencies (CRAs).
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What is the purpose of credit information?
The Credit Information Corporation mainly provides credit reports, a summary of a borrower's financial transactions. This includes loan contracts with lending institutions, utility subscriptions, and other obligations which the CIC is authorized to collect.
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What does disclosure mean in credit card?
Definition. A credit card disclosure is a document that outlines all of the fees, costs, interest rates, and terms that a customer could experience while using the credit card. Institutions that offer credit cards are required by law to disclose this information.
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When must the credit score disclosure be provided?
A creditor must disclose a consumer's credit score and information relating to a credit score on a risk-based pricing notice when the score of the consumer to whom the creditor extends credit or whose extension of credit is under review is used in setting the material terms of credit.
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