Entries in FICO (1)

Friday
Jul152011

New Adverse Action Letter Changes

The Dodd-Frank Wall Street Reform and Consumer Protection Act new disclosure requirements will go into effect on July 21, 2011.

If you are using our default tenant adverse letters within InstaScreen, we will be adding the following in the tenant adverse action letters when a score has been included in a credit report. If you are not using our default letters and want the changes, or you do not wish to receive these changes, please contact our support team.

EXAMPLE:
Your credit score: 488 - TRANSUNION/FICO CLASSIC (98) Date score was created: 2011/07/21
Scores range from a low of 300 to a high of 850.

The top key factors that adversely affected your credit score:

  • SERIOUS DELINQUENCY, AND PUBLIC RECORD OR COLLECTION FILED (CODE 038)
  • TIME SINCE DELINQUENCY IS TOO RECENT OR UNKNOWN (CODE 013)
  • PROPORTION OF BALANCES TO CREDIT LIMITS IS TOO HIGH ON REVOLVING ACCOUNTS (CODE 010)
  • NUMBER OF ACCOUNTS WITH DELINQUENCY (CODE 018)
  • DEROGATORY INFORMATION WAS FOUND ON THE FILE, AND INQUIRIES IMPACTED THE CREDIT SCORE (CODE FA)