SANTA ANA, Calif., December 13, 2010—CoreLogic Credco, the nation's number one provider of automotive specialty credit reporting solutions and a division of CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today announced that it is providing the Credit Score Disclosure (CSD) Exception to the Risk-Based Pricing Notice free of charge to all participating automotive, recreational vehicle and marine dealers automatically with every CoreLogic Credco credit report ordered. Delivery of the free consumer CSDs began in December in preparation for January 1, 2011, the Risk-Based Pricing Regulation effective date.
On December 22, 2009, the Federal Trade Commission and Federal Reserve Board released the final rules for implementation of section 311 of the Fair and Accurate Credit Transactions (FACT) Act. Section 311 requires automotive dealers and other creditors to provide notice to consumers that are granted materially less favorable lending terms than other consumers based on data included in their credit report. In accordance with National Automotive Dealers Association's (NADA) recommendation, CoreLogic Credco is offering the Credit Score Disclosure Exception as a compliance solution for the Risk-Based Pricing Regulation.
"We are pleased to offer this valuable service free of charge to our automotive, recreational vehicle and marine dealer customers," said Patrick Colbert, senior vice president of Sales and Operations for CoreLogic Credco. "Our Risk-Based Pricing CSD Exception is part of our ongoing commitment to help dealers maintain State and Federal compliance requirements in a convenient, non-disruptive way so they can stay focused on sales."
The Risk-Based Pricing CSD Exception includes model forms to ensure consistent disclosure information, a user-friendly customer Question and Answer format, and consumer score comparison data. The CSD is automatically fulfilled with every CoreLogic Credco credit report ordered.
CoreLogic Credco is the number one provider of automotive specialty credit reports, in addition to identity verification and dealer compliance solutions. To learn more about CoreLogic Credco Risk-Based Pricing Credit Score Disclosures, dealers can call (866) 301-9750 or visit www.credcoservices.com/RBP.