Disclosure Compliance

Advantage Credit Inc. provides the required information and specific language with every credit report you order.

The Dodd-Frank Wall Street Reform and Consumer Protection Act went into effect on July 21, 2011. Advantage Credit Inc. provides the required information and specific language with every credit report you order.

And the Department of Justice also established the Fair Lending Unit in the Housing and Civil Rights section in 2010 and a record number of ECOA cases were filed in 2011.

We also provide all required documents in support of the Fair and Accurate Credit Transactions Act (FACT Act or sometimes called FACTA), effective January 1, 2011, that a risk-based pricing notice must be provided when a consumer report is used in connection with providing credit with materially less favorable terms than the most favorable terms available to a substantial proportion of customers. In a transaction involving more than one consumer, a risk-based pricing notice must be provided to each consumer.

This is in addition to the existing requirement for all mortgage lenders to provide home loan applicants with a notice to the home loan applicant and credit score information disclosure.

Advantage Credit Inc. provides all of these required documents to you with every credit report you order.

Forms and Reports

• Notice to Home Loan Applicant and Credit Score Disclosure – a notice to the applicant that you have pulled their credit history from TransUnion, Experian, and/or Equifax.
• Risk-Based Pricing notice – includes your credit score (mid-score), bureau name, range of scores, how your score compares to the score of other consumers, key factors that adversely affected the credit score and understanding your credit score and checking your credit report information.
• ECOA – the Federal Equal Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, nation origin, sex, marital status, age; because all or part of the applicant’s income derives from any public assistance program and the applicant need not disclose income from alimony, child support or separate maintenance payment if they choose not to do so.

ENSURE COMPLIANCE – Advantage Credit can mail out the notices for our clients to their borrowers in a timely manner as put forth by the final rules, including all required specific language.