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#2287009 - 07/26/23 07:25 PM FCRA Rules for Multiple Credit reports run
Alison F Offline
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Joined: Sep 2022
Posts: 1
Is a bank responsible for sending a Risk Based Pricing Notice on each credit report run for a borrower? For example if an application is started 8/1/22 with a credit report run same day, and the credit report is again obtained 10/15/22 prior to decision. Is the bank responsible for sending two RBP notices to the borrower?

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#2287012 - 07/26/23 07:35 PM Re: FCRA Rules for Multiple Credit reports run Alison F
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 85,251
Galveston, TX
Sec. 1022.75 Rules of construction.
For purposes of this subpart, the following rules of construction apply:

(a) One notice per credit extension. A consumer is entitled to no more than one risk-based pricing notice under §1022.72(a) or (c), or one notice under §1022.74(d), (e), or (f), for each grant, extension, or other provision of credit. Notwithstanding the foregoing, even if a consumer has previously received a risk-based pricing notice in connection with a grant, extension, or other provision of credit, another risk-based pricing notice is required if the conditions set forth in §1022.72(d) have been met.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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