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Federal Register / Vol. 86, No. 178 / Friday, September 17, 2021 / Rules and Regulations
of this paragraph e1iiF is deemed to comply with this requirement;
G The date on which the credit score was created;
H The name of the consumer reporting agency or other person that provided the credit score;
I 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;
J A statement that federal law gives the consumer the right to obtain copies of his or her consumer reports directly from the consumer reporting agencies, including a free report from each of the nationwide consumer reporting agencies once during any 12-month period;
K Contact information for the centralized source from which consumers may obtain their free annual consumer reports; and L A statement directing consumers to the websites of the Federal Reserve Board and Federal Trade Commission to obtain more information about consumer reports.
2 Form of the notice. The notice described in paragraph e1ii of this section must be:
i Clear and conspicuous;
ii Segregated from other information provided to the consumer; and iii Provided to the consumer in writing and in a form that the consumer may keep.
3 Timing. The notice described in paragraph e1ii of this section must be provided to the consumer as soon as reasonably practicable after the credit score has been obtained, but in any event at or before consummation in the case of closed-end credit or before the first transaction is made under an openend credit plan.
4 Multiple credit scoresi In General. When a motor vehicle dealer obtains two or more credit scores from consumer reporting agencies and uses one of those credit scores in setting the material terms of credit granted, extended, or otherwise provided to a consumer, for example, by using the low, middle, high, or most recent score, the notice described in paragraph e1ii of this section must include that credit score and the other information required by that paragraph.
When a motor vehicle dealer obtains two or more credit scores from consumer reporting agencies and uses multiple credit scores in setting the material terms of credit granted, extended, or otherwise provided to a consumer, for example, by computing the average of all the credit scores obtained, the notice described in paragraph e1ii of this section must
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include one of those credit scores and the other information required by that paragraph. The notice may, at the motor vehicle dealers option, include more than one credit score, along with the additional information specified in paragraph e1ii of this section for each credit score disclosed.
ii Examples. The manner in which multiple credit scores are to be disclosed under this section are substantially identical to the manner set forth in the examples contained in paragraph d4ii of this section.
5 Model form. A model form of the notice described in paragraph e1ii of this section is contained in 16 CFR
part 698, appendix A. Appropriate use of Model Form A4 is deemed to comply with the requirements of 640.5e. Use of the model form is optional.
f Credit score not available1 In general. A motor vehicle dealer is not required to provide a risk-based pricing notice to a consumer under 640.3a or c if the motor vehicle dealer:
i Regularly obtains credit scores from a consumer reporting agency and provides credit score disclosures to consumers in accordance with paragraphs d or e of this section, but a credit score is not available from the consumer reporting agency from which the motor vehicle dealer regularly obtains credit scores for a consumer to whom the motor vehicle dealer grants, extends, or provides credit;
ii Does not obtain a credit score from another consumer reporting agency in connection with granting, extending, or providing credit to the consumer; and iii Provides to the consumer a notice that contains the following A A statement that a consumer report or credit report includes information about the consumers credit history and the type of information included in that history;
B A statement that a credit score is a number that takes into account information in a consumer report and that a credit score can change over time in response to changes in the consumers credit history;
C A statement that credit scores are important because consumers with higher credit scores generally obtain more favorable credit terms;
D A statement that not having a credit score can affect whether the consumer can obtain credit and what the cost of that credit will be;
E A statement that a credit score about the consumer was not available from a consumer reporting agency, which must be identified by name, generally due to insufficient information regarding the consumers credit history;

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F 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 consumer report;
G A statement that federal law gives the consumer the right to obtain copies of his or her consumer reports directly from the consumer reporting agencies, including a free consumer report from each of the nationwide consumer reporting agencies once during any 12month period;
H The contact information for the centralized source from which consumers may obtain their free annual consumer reports; and I A statement directing consumers to the websites of the Board and Federal Trade Commission to obtain more information about consumer reports.
2 Example. A motor vehicle dealer that uses consumer reports to set the material terms of credit granted, extended, or provided to consumers regularly requests credit scores from a particular consumer reporting agency and provides those credit scores and additional information to consumers to satisfy the requirements of paragraph e of this section. That consumer reporting agency provides to the motor vehicle dealer a consumer report on a particular consumer that contains one trade line, but does not provide the motor vehicle dealer with a credit score on that consumer. If the motor vehicle dealer does not obtain a credit score from another consumer reporting agency and, based in whole or in part on information in a consumer report, grants, extends, or provides credit to the consumer, the motor vehicle dealer may provide the notice described in paragraph f1iii of this section. If, however, the motor vehicle dealer obtains a credit score from another consumer reporting agency, the motor vehicle dealer may not rely upon the exception in paragraph f of this section, but may satisfy the requirements of paragraph e of this section.
3 Form of the notice. The notice described in paragraph f1iii of this section must be:
i Clear and conspicuous;
ii Segregated from other information provided to the consumer; and iii Provided to the consumer in writing and in a form that the consumer may keep.
4 Timing. The notice described in paragraph f1iii of this section must be provided to the consumer as soon as reasonably practicable after the motor vehicle dealer has requested the credit score, but in any event not later than consummation of a transaction in the
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