(1) A consumer reporting agency shall, upon written or verbal request and proper identification of any consumer, clearly, accurately, and in a manner that is understandable to the consumer, disclose to the consumer, in writing, all information in its files at the time of the request pertaining to the consumer, including but not limited to:
(a) The names of all persons requesting credit information pertaining to the consumer during the prior twelve-month period and the date of each request;
(b) A set of instructions, presented in a manner that is understandable to the consumer, describing how information is presented on its written disclosure of the file; and
(c) A toll-free number for use in resolving the dispute if the consumer submitted a written dispute to the consumer reporting agency, which operates on a nationwide basis.
(2) (a) A consumer reporting agency shall notify a consumer, by letter sent by first-class mail, that the consumer reporting agency will provide the consumer with a disclosure copy of his or her consumer file at no charge and a toll-free telephone number to call to provide the consumer reporting agency with the information necessary to request a copy, when one of the following events occurs within a twelve-month period:
(I) The consumer reporting agency has received eight credit inquiries pertaining to the consumer; or
(II) The consumer reporting agency has received a report that would add negative information to a consumer's file.
(b) A consumer reporting agency need only send one letter to a consumer per twelve-month period pursuant to subsection (2)(a) of this section even if more than one event occurs in that period.
(c) Any letter mailed to a consumer pursuant to subsection (2)(a) of this section shall not contain any identifying information particular to that consumer including, but not limited to, social security number, place of employment, date of birth, or mother's maiden name.
(d) Any letter mailed to a consumer pursuant to subsection (2)(a) of this section may be a form letter; except that each letter shall advise the consumer of the number and type of events that occurred relating to the consumer that initiated the letter. The letter shall also include a notice or separate form the consumer may complete and return to the consumer reporting agency to request a free copy of the consumer's credit report.
(e) Each consumer reporting agency shall, upon request of a consumer, provide the consumer with one disclosure copy of his or her file per year at no charge whether or not the consumer has made the request in response to the notification required in subsection (2)(a) of this section. If the consumer requests more than one disclosure copy of his or her file per year pursuant to this subsection (2)(e), the consumer reporting agency may charge the consumer up to eight dollars for each additional disclosure copy.
Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1117, � 3, effective August 9.
Editor's note: This section is similar to former � 12-14.3-104 as it existed prior to 2017.
5-18-107. Credit scoring related to the extension of credit secured by a dwelling - definition. (1) In connection with an application for an extension of credit for a consumer purpose that is to be secured by a dwelling, the consumer reporting agency shall, upon the written request of the consumer, contained either in the application for an extension of credit or in a separate document, disclose to the consumer the following:
(a) The consumer's current credit score or the most recent credit score of the consumer that was previously calculated by the consumer reporting agency;
(b) The range of possible credit scores under the model used;
(c) The key factors, if any, not to exceed four, that adversely affected the credit score of the consumer in the model used;
(d) The date on which the credit score was created; and
(e) The name of the person or entity that provided the credit score or the credit file on the basis of which the credit score was created.
(2) (a) Nothing in subsection (1) of this section shall be construed to compel a consumer reporting agency to develop or disclose a credit score if the agency does not:
(I) Distribute scores that are used in connection with extensions of credit secured by residential real estate; or
(II) Develop credit scores that assist creditors in understanding the general credit behavior of the consumer and predicting future credit behavior.
(b) Nothing in subsection (1) of this section shall be construed to require a consumer reporting agency that distributes credit scores developed by another person or entity to provide further explanation of those scores or to process a dispute that may arise about information; except that the consumer reporting agency shall be required to provide to the consumer the name of, and current contact information for, the person or entity that developed the score or developed the methodology for the score.
(c) Nothing in subsection (1) of this section shall be construed to require a consumer reporting agency to maintain credit scores in its files.
(d) Nothing in subsection (3) of this section shall be construed to compel disclosures of a credit score except upon specific request of a consumer. If a consumer requests a credit file and not the credit score, then the consumer shall be provided with the credit file together with a statement that the consumer may request and obtain a credit score.
(3) Pursuant to subsection (1) of this section, a consumer reporting agency shall supply to a consumer:
(a) A credit score that is derived from a credit scoring model that is widely distributed to users of credit scores by that consumer reporting agency in connection with any extension of credit secured by a dwelling; or
(b) A credit score accompanied by information specifically required to be disclosed pursuant to subsection (1) of this section that assists the consumer in understanding the credit scoring assessment of the credit behavior of the consumer and predictions about future credit behavior.
(4) For purposes of this section, credit score means a numerical value or a categorization derived from a statistical tool or modeling system used by a person who makes or arranges a loan to predict the likelihood of certain credit behaviors, including default. The numerical value or the categorization derived from this analysis may also be referred to as a risk predictor or risk score. Credit score does not include any mortgage score or rating of an automated underwriting system that considers one or more factors in addition to credit information, including, but not limited to, the loan value ratio, the amount of down payment, or a consumer's financial assets. Credit score does not include other elements of the underwriting process or underwriting decision.
(5) Notwithstanding any other provision of this article 18 to the contrary, a consumer reporting agency may charge a reasonable fee for disclosing a credit score.
Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1118, � 3, effective August 9.
Editor's note: This section is similar to former � 12-14.3-104.3 as it existed prior to 2017.