New Rules on Credit Decisions and Notices — October 2011, reviewed January 2013

Since 2011, new rules from the Federal Reserve Bank and the Federal Trade Commission requires lenders to provide new information to consumers related to their credit score.

When you apply for credit through a bank, credit union, or other lender, you may receive a notice from the lender with information about your credit report or credit score.  There are four different types of notices.

These notices give you an opportunity to check the accuracy of the information in your credit report.  If you do receive one of these notices, what should you do?

First of all, review the notice.  If you don’t understand it, ask the lender to explain anything you don’t understand.

And secondly, obtain and examine your credit report, review it for accuracy and dispute any errors.

A more complete fact sheet on what you need to know about these notices is available on the Federal Reserve website ( ).  These new rules help consumers, but they need to use these notices to better understand how to improve their credit situation.