Cx15312 is a duplicate of the Model B-3/H-3 Form provided by the Federal Trade Commission, Federal Reserve Board, and Consumer Financial Protection Bureau pursuant to the provisions of 15 USCA § 1681m(h) (West 2012) and 12 CFR §§ 222.74(d)(1), 1022.74(d)(1), and 16 CFR §640.5(d)(1) (2012). The model forms are set forth in 12 CFR Pt. 222, App. H & Pt. 1022, App. H and 16 CFR Pt. 640, App. B.
These forms are provided in lieu of the Model B-1/H-1 Form, which is required to be given when: (1) a person uses a consumer report to determine whether to extend credit to a consumer for a consumer purpose; and (2) credit is extended, but on materially less favorable terms than the most favorable terms available to most consumers through the person’s business. The Model B-3/H-3 Forms were specifically created for such situations when the credit will be secured by residential real property.
A unique feature of this Model Form is its use of a graph to disclose a range of credit scores by a particular credit reporting agency and the percentage of consumers with scores in a particular range. These graphs are generally provided by credit reporting agencies, particularly the three largest ones (Equifax, Experian, and TransUnion), and are updated periodically by the agencies.
We will be updating Cx15312 so that it discloses the latest revisions of these credit score graphs from the agencies. The graphs for Equifax and Experian will be updated, but no changes will be made to the TransUnion graph, since their latest revision is the same as what now is being disclosed. In addition, the maximum and minimum credit scores for each of the agencies, which are disclosed with the graphs, will remain the same.
These changes will take effect on January 12, 2013. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
January 7, 2013