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Federal Register / Vol. 86, No. 178 / Friday, September 17, 2021 / Rules and Regulations 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 websites of the Consumer Financial Protection Bureau and Federal Trade Commission to obtain more information about consumer reports;
and ix If a credit score of the consumer to whom a motor vehicle dealer 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 consumers 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 consumers credit history;
B The credit score used by the motor vehicle dealer 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 640.3d must include:
i A statement that a consumer report or credit report includes information about the consumers credit history and the type of information included in that credit history;
ii A statement that the credit card issuer 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
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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 websites of the Consumer Financial Protection Bureau and Federal Trade Commission 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 consumers 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 consumers credit history;
B The credit score used by the credit card issuer 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.
b Form of the notice1 In general.
The risk-based pricing notice required by 640.3a, 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 Sec. 640.3a and c are contained in appendices A1 and A6 of 16 CFR part 698. Appropriate use of Model form A

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1 or A6 is deemed to comply with the requirements of 640.3a and c.
Model forms of the risk-based pricing notice required by 640.3d are contained in appendices A2 and A7
of 16 CFR part 698. Appropriate use of Model form A2 or A7 is deemed to comply with the requirements of 640.3d. Use of the model forms is optional.
c Timing1 General. Except as provided in paragraph c3 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 motor vehicle dealer required to provide the notice;
ii In the case of credit granted, extended, or provided under an openend 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 motor vehicle dealer 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 640.2n1ii in the case of a credit card based on a consumer report is communicated to the consumer by the motor vehicle dealer 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 a motor vehicle dealer or other party not affiliated with the person, any requirement to provide a risk-based pricing notice pursuant to this part is satisfied if the person:
i Provides a notice described in 640.3a, 640.5e, or 640.5f to the consumer within the time periods set forth in paragraph c1i of this section, 640.5e3, or 640.5f4, as applicable; or ii Arranges to have the motor vehicle dealer or other party provide a notice
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