93 Subpart I—Duties of Users of Con- sumer Reports Regarding

Federal Reserve System § 222.82

consumers have the same address, and

the notice does not include a credit

score(s), a person may satisfy the re-

quirements by providing a single notice

addressed to both consumers.

(2) Credit score disclosure notices. In a

transaction involving two or more con-

sumers who are granted, extended, or

otherwise provided credit, a person

must provide a separate notice to each

consumer to satisfy the exceptions in

§ 222.74(d), (e), or (f). Whether the con-

sumers have the same address or not,

the person must provide a separate no-

tice to each consumer. Each separate

notice must contain only the credit

score(s) of the consumer to whom the

notice is provided, and not the credit

score(s) of the other consumer.

(3) Examples. (i) Two consumers joint-

ly apply for credit with a creditor. The

creditor obtains credit scores on both

consumers. Based in part on the credit

scores, the creditor grants credit to the

consumers on material terms that are

materially less favorable than the most

favorable terms available to other con-

sumers from the creditor. The creditor

provides risk-based pricing notices to

satisfy its obligations under this sub-

part. The creditor must provide a sepa-

rate risk-based pricing notice to each

consumer whether the consumers have

the same address or not. Each risk-

based pricing notice must contain only

the credit score(s) of the consumer to

whom the notice is provided.

(ii) Two consumers jointly apply for

credit with a creditor. The two con-

sumers reside at the same address. The

creditor obtains credit scores on each

of the two consumer applicants. The

creditor grants credit to the con-

sumers. The creditor provides credit

score disclosure notices to satisfy its

obligations under this subpart. Even

though the two consumers reside at the

same address, the creditor must pro-

vide a separate credit score disclosure

notice to each of the consumers. Each

notice must contain only the credit

score of the consumer to whom the no-

tice is provided.

[75 FR 2752, Jan. 15, 2010, as amended at 76

FR 41617, July 15, 2011]

Subpart I—Duties of Users of Con-

sumer Reports Regarding

Identity Theft

OURCE

: 69 FR 77618, Dec. 28, 2004, unless

otherwise noted.

§§ 222.80–222.81 [Reserved]

§ 222.82 Duties of users regarding ad-

dress discrepancies.

(a) Scope. This section applies to a

user of consumer reports (user) that re-

ceives a notice of address discrepancy

from a consumer reporting agency de-

scribed in 15 U.S.C. 1681a(p), and that is

a member bank of the Federal Reserve

System (other than a national bank)

and its respective operating subsidi-

aries, a branch or agency of a foreign

bank (other than a Federal branch,

Federal agency, or insured State

branch of a foreign bank), commercial

lending company owned or controlled

by a foreign bank, and an organization

operating under section 25 or 25A of the

Federal Reserve Act (12 U.S.C. 601 et

seq., and 611 et seq.).

(b) Definition. For purposes of this

section, a notice of address discrepancy

means a notice sent to a user by a con-

sumer reporting agency described in 15

U.S.C. 1681a(p) pursuant to 15 U.S.C.

1681c(h)(1), that informs the user of a

substantial difference between the ad-

dress for the consumer that the user

provided to request the consumer re-

port and the address(es) in the agency’s

file for the consumer.

to form a reasonable belief. A user must

develop and implement reasonable poli-

cies and procedures designed to enable

the user to form a reasonable belief

that a consumer report relates to the

consumer about whom it has requested

the report, when the user receives a no-

tice of address discrepancy.

(2) Examples of reasonable policies and

procedures. (i) Comparing the informa-

tion in the consumer report provided

by the consumer reporting agency with

information the user:

(A) Obtains and uses to verify the

consumer’s identity in accordance with

the requirements of the Customer Iden-

tification Program (CIP) rules imple-

menting 31 U.S.C. 5318(l) (31 CFR

103.121);