The Dodd-Frank Fair Credit Reporting Act and Utilities and Telecommunications Companies


Everybody knows that the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”), which was passed by Congress July 21, 2010, greatly impacts banks and other financial institutions. But few thought it may affect utilities and telecommunications companies as well – until now, that is. The issue: disclosure of credit scores.

Section 1100F of the Act amends Section 615(h) of the Fair Credit Reporting Act (“FCRA”) and is a self-executing provision that becomes effective July 21, 2011. On July 7, 2011, the Federal Reserve Board and the Federal Trade Commission (“FTC”), issued a final rule implementing Section 1100F (the “Rule”).

Existing Section 615(h) of FCRA requires a person to provide a “risk-based pricing notice” to a consumer when the person uses a consumer report in connection with an extension of credit and, based in whole or in part on the consumer report, extends credit to the consumer on terms that are materially less favorable than the most favorable terms available to a substantial proportion of consumers.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Reed Smith | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.