We Can Help You Comply With the Risk-Based Pricing Rule

Lenders 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, lenders must provide consumers receiving less favorable credit terms with a risk-based pricing notice before they sign a credit agreement.

Wolters Kluwer Financial Services’ Indirect Lending offers a Risk-Based Pricing Disclosure tool kit and Risk-Based Pricing Notice forms to assist you in implementing the new rule.

Risk-Based Pricing Disclosure Tool Kit components include:

• Risk-Based Pricing Webinar, Final Rules under the FACT Act – provides financial institutions with the information necessary to implement a Risk-Based Pricing program, including risk-based pricing definitions, explanation of disclosure usage methods (credit score proxy, tiered pricing and account review), five model documents overview and exception disclosure requirements.
• PRINGLE^® Risk-Based Pricing Program Policy and Procedures – support materials to assist financial institutions in setting up and maintaining compliance-ready policies and procedures.
• Risk-Based Pricing Best Practices Guide – contains information on the impacts of the FACT Act regulations, and includes best practices risk-based pricing procedures, disclosures and implementation options for reducing the risk of non-compliance. 

Use Wolters Kluwer Financial Services Indirect Lending for your risk-based pricing documents, including:

• VMP138 (Model H-1) – standard risk-based pricing notice
• WMP138B (Model H-5) – form for consumers without a reported credit score

Visit Wolters Kluwer Financial Services' website for additional information on the FACT Act and compliance information and services for financial institutions.

Our Indirect Lending division provides you with the resources your organization needs to manage your compliance programs. We also can help you with Risk-Based Pricing programs for your dealerships. Contact us today to learn more about our Risk-Based Pricing services or to order your Tool Kit.