source:
  type: regulation
  id: reg-v-1022.73
  authority: 12 CFR §1022.73 — Content, form, and timing of risk-based pricing notices
    (Regulation V)
  description: 12 CFR §1022.73 — Content, form, and timing of risk-based pricing notices.
  coverage_tier: operative
obligations:
- id: reg-v-1022.73-full
  canonical_id: reg-v-1022.73-full
  section: 12 CFR §1022.73 — Content, form, and timing of risk-based pricing notices
  type: do
  tags:
  - regulator-direct
  - fcra
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: 12 CFR §1022.73 — Content, form, and timing of risk-based pricing notices
      (Regulation V)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1022.73
    snapshot_id: 1fbd90146a838f51
    fetched_at: '2026-06-17T20:22:49Z'
    content_hash: sha256:145b3720bdb47e0e79d994fb9e356335f0cb7671cb5cb1fe68343eb05663d3ba
    paragraph_quote: '§ 1022.73 Content, form, and timing of risk-based pricing notices.
      (a) Content of the notice —(1) In general. The risk-based pricing notice required
      by § 1022.72(a) or (c) must include: (i) A statement that a consumer report
      (or credit report) includes information about the consumer ''s credit history
      and the type of information included in that history; (ii) A statement that
      the terms offered, such as the annual percentage rate , have been set based
      on information from a consumer report; (iii) A statement that the terms offered
      may be less favorable than the terms offered to consumers with better credit
      histories; (iv) A statement that the consumer is encouraged to verify the accuracy
      of the information contained in the consumer report and has the right to dispute
      any inaccurate information in the report; (v) The identity of each consumer
      reporting agency that furnished a consumer report used in the credit decision;
      (vi) A statement that Federal law gives the consumer the right to obtain a copy
      of a consumer report from the consumer reporting agency or agencies identified
      in the notice without charge for 60 days after receipt of the notice; (vii)
      A statement informing the consumer how to obtain a consumer report from the
      consumer reporting agency or agencies identified in the notice and providing
      contact information (including a toll-free telephone number, where applicable)
      specified by the consumer reporting agency or agencies; (viii) A statement directing
      consumers to the Web site of the Bureau to obtain more information about consumer
      reports; and (ix) If a credit score of the consumer to whom a person grants,
      extends, or otherwise provides credit is used in setting the material terms
      of credit: (A) A statement that a credit score is a number that takes into account
      information in a consumer report, that the consumer ''s credit score was used
      to set the terms of credit offered, and that a credit score can change over
      time to reflect changes in the consumer ''s credit history; (B) The credit score
      used by the person in making the credit decision; (C) The range of possible
      credit scores under the model used to generate the credit score; (D) All of
      the key factors that adversely affected the credit score, which shall not exceed
      four key factors, except that if one of the key factors is the number of enquiries
      made with respect to the consumer report, the number of key factors shall not
      exceed five; (E) The date on which the credit score was created; and (F) The
      name of the consumer reporting agency or other person that provided the credit
      score. (2) Account review. The risk-based pricing notice required by § 1022.72(d)
      must include: (i) A statement that a consumer report (or credit report) includes
      information about the consumer ''s credit history and the type of information
      included in that credit history; (ii) A statement that the person has conducted
      a review of the account using information from a consumer report; (iii) A statement
      that as a result of the review, the annual percentage rate on the account has
      been increased based on information from a consumer report; (iv) A statement
      that the consumer is encouraged to verify the accuracy of the information contained
      in the consumer report and has the right to dispute any inaccurate information
      in the report; (v) The identity of each consumer reporting agency that furnished
      a consumer report used in the account review; (vi) A statement that Federal
      law gives the consumer the right to obtain a copy of a consumer report from
      the consumer reporting agency or agencies identified in the notice without charge
      for 60 days after receipt of the notice; (vii) A statement informing the consumer
      how to obtain a consumer report from the consumer reporting agency or agencies
      identified in the notice and providing contact information (including a toll-free
      telephone number, where applicable) specified by the consumer reporting agency
      or agencies; (viii) A statement directing consumers to the Web site of the Bureau
      to obtain more information about consumer reports; and (ix) If a credit score
      of the consumer whose extension of credit is under review is used in increasing
      the annual percentage rate: (A) A statement that a credit score is a number
      that takes into account information in a consumer report, that the consumer
      ''s credit score was used to set the terms of credit offered, and that a credit
      score can change over time to reflect changes in the consumer ''s credit history;
      (B) The credit score used by the person in making the credit decision; (C) The
      range of possible credit scores under the model used to generate the credit
      score; (D) All of the key factors that adversely affected the credit score,
      which shall not exceed four key factors, except that if one of the key factors
      is the number of enquires made with respect to the consumer report, the number
      of key factors shall not exceed five; (E) The date on which the credit score
      was created; and (F) The name of the consumer reporting agency or other person
      that provided the credit score. (b) Form of the notice —(1) In general. The
      risk-based pricing notice required by § 1022.72(a) , (c), or (d) must be: (i)
      Clear and conspicuous ; and (ii) Provided to the consumer in oral, written,
      or electronic form. (2) Model forms. Model forms of the risk-based pricing notice
      required by § 1022.72(a) and (c) are contained in appendices H-1 and H-6 of
      this part. Appropriate use of Model Form H-1 or H-6 is deemed to comply with
      the requirements of § 1022.72(a) and (c) . Model forms of the risk-based pricing
      notice required by § 1022.72(d) are contained in appendices H-2 and H-7 of this
      part. Appropriate use of Model Form H-2 or H-7 is deemed to comply with the
      requirements of § 1022.72(d) . Use of the model forms is optional. (c) Timing
      —(1) General. Except as provided in paragraph (c)(3) of this section, a risk-based
      pricing notice must be provided to the consumer: (i) In the case of a grant,
      extension, or other provision of closed-end credit , before consummation of
      the transaction, but not earlier than the time the decision to approve an application
      for, or a grant, extension, or other provision of, credit, is communicated to
      the consumer by the person required to provide the notice; (ii) In the case
      of credit granted, extended, or provided under an open-end credit plan , before
      the first transaction is made under the plan, but not earlier than the time
      the decision to approve an application for, or a grant, extension, or other
      provision of, credit is communicated to the consumer by the person required
      to provide the notice; or (iii) In the case of a review of credit that has been
      extended to the consumer , at the time the decision to increase the annual percentage
      rate (annual percentage rate referenced in § 1022.71(n)(1)(ii) in the case of
      a credit card) based on a consumer report is communicated to the consumer by
      the person required to provide the notice, or if no notice of the increase in
      the annual percentage rate is provided to the consumer prior to the effective
      date of the change in the annual percentage rate (to the extent permitted by
      law), no later than five days after the effective date of the change in the
      annual percentage rate . (2) Application to certain automobile lending transactions.
      When a person to whom a credit obligation is initially payable grants, extends,
      or provides credit to a consumer for the purpose of financing the purchase of
      an automobile from an auto dealer or other party that is not affiliated with
      the person , any requirement to provide a risk-based pricing notice pursuant
      to this subpart is satisfied if the person: (i) Provides a notice described
      in §§ 1022.72(a) , 1022.74(e), or 1022.74(f) to the consumer within the time
      periods set forth in paragraph (c)(1)(i) of this section, § 1022.74(e)(3), or
      § 1022.74(f)(4), as applicable; or (ii) Arranges to have the auto dealer or
      other party provide a notice described in §§ 1022.72(a) , 1022.74(e), or 1022.74(f)
      to the consumer on its behalf within the time periods set forth in paragraph
      (c)(1)(i) of this section, § 1022.74(e)(3), or § 1022.74(f)(4), as applicable,
      and maintains reasonable policies and procedures to verify that the auto dealer
      or other party provides such notice to the consumer within the applicable time
      periods. If the person arranges to have the auto dealer or other party provide
      a notice described in § 1022.74(e), the person ''s obligation is satisfied if
      the consumer receives a notice containing a credit score obtained by the dealer
      or other party, even if a different credit score is obtained and used by the
      person on whose behalf the notice is provided. (3) Timing requirements for contemporaneous
      purchase credit. When credit under an open-end credit plan is granted, extended,
      or provided to a consumer in person or by telephone for the purpose of financing
      the contemporaneous purchase of goods or services, any risk-based pricing notice
      required to be provided pursuant to this subpart (or the disclosures permitted
      under § 1022.74(e) or (f)) may be provided at the earlier of: (i) The time of
      the first mailing by the person to the consumer after the decision is made to
      approve the grant, extension, or other provision of open-end credit, such as
      in a mailing containing the account agreement or a credit card; or (ii) Within
      30 days after the decision to approve the grant, extension, or other provision
      of credit. (d) Multiple credit scores —(1) In general. When a person obtains
      or creates two or more credit scores and uses one of those credit scores in
      setting the material terms of credit, for example, by using the low, middle,
      high, or most recent score, the notices described in paragraphs (a)(1) and (2)
      of this section must include that credit score and information relating to that
      credit score required by paragraphs (a)(1)(ix) and (a)(2)(ix). When a person
      obtains or creates two or more credit scores and uses multiple credit scores
      in setting the material terms of credit by, for example, computing the average
      of all the credit scores obtained or created, the notices described in paragraphs
      (a)(1) and (2) of this section must include one of those credit scores and information
      relating to credit scores required by paragraphs (a)(1)(ix) and (a)(2)(ix).
      The notice may, at the person ''s option, include more than one credit score,
      along with the additional information specified in paragraphs (a)(1)(ix) and
      (a)(2)(ix) of this section for each credit score disclosed. (2) Examples. (i)
      A person that uses consumer reports to set the material terms of credit cards
      granted, extended, or provided to consumers regularly requests credit scores
      from several consumer reporting agencies and uses the low score when determining
      the material terms it will offer to the consumer . That person must disclose
      the low score in the notices described in paragraphs (a)(1) and (2) of this
      section. (ii) A person that uses consumer reports to set the material terms
      of automobile loans granted, extended, or provided to consumers regularly requests
      credit scores from several consumer reporting agencies, each of which it uses
      in an underwriting program in order to determine the material terms it will
      offer to the consumer . That person may choose one of these scores to include
      in the notices described in paragraph (a)(1) and (2) of this section.'
  judgment: false
