We Can Help You Comply With the Risk-Based Pricing Rule
Dealers must notify consumers when they receive materially less
favorable credit terms based on consumer report information. Under the new rule
issued by the Federal Reserve Board and FTC, dealers must provide consumers
receiving less favorable credit terms with a risk-based pricing notice before
they sign a credit agreement.
Wolters Kluwer Financial Services’ Dealer Services offers a Risk-Based
Pricing tool kit and Risk-Based Pricing Notice form to assist you in
implementing the new rule.
Risk-Based Pricing Tool Kit components include:
- Pricing Disclosures
Guide – provides detailed information for dealers on when a risk-based
pricing notice is required and how and when the risk-based pricing notice
must be issued. The guide also contains information about the exception
credit score disclosure and conditions for using alternative forms.
- Samples of Exception
Disclosure – sample credit score disclosure form which can be provided to
all customers who apply for credit, which can be used as an alternative to
the risk-based pricing rule.
- Samples of No Score
Disclosure – disclosure form when no score is returned by a credit
reporting company.
- Best Practices –
includes best practices and tips for reducing the risk of non-compliance
with the risk-based pricing rule.
Wolters Kluwer Financial Services’ Dealer Services provides you with the resources your
dealership needs to manage your compliance programs.
Contact us today to learn more about our Risk-Based Pricing services or to order your Tool Kit.
