What Credit Reports Do I Get With The Risk Based Pricing Rules

When consumers begin receiving their notices pursuant to the new Risk Based Pricing rules that went live on January 1, 2011 they will receive one of two notices.  The first is the Risk Based Pricing notice that simply states that the creditor uses risk based pricing and that they didn’t get terms as favorable as others have gotten.  The second notice is the Score Disclosure Notice, which comes with the score used to make the decision.  I wrote about this at length here.

Here’s something to consider when you begin receiving these notices…the credit reports that you can claim for free aren’t exactly the same.  First off, both notices contain “get your credit report here” language, but that’s where the similarities end.

The credit report that you’re directed to by the Risk Based Pricing notice comes directly from the credit bureau where the data was purchased by the lender.  And, most importantly, that report does NOT count against your allocation of free credit reports as provided by the Fair Credit Reporting Act.

The credit report that you’re directed to by the Credit Score Disclosure notice comes from Annualcreditreport.com.  And, that one DOES count against your allocation of free credit reports as provided by the Fair Credit Reporting Act.

Keep that in mind when/if you start getting letters from your letter that notify you of your credit score.

John Ulzheimer is the President of Consumer Education at SmartCredit.com, the credit blogger for Mint.com, and a Contributor for the National Foundation for Credit Counseling.  He is an expert on credit reporting, credit scoring and identity theft. Formerly of FICO, Equifax and Credit.com, John is the only recognized credit expert who actually comes from the credit industry.

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This post was written by John Ulzheimer