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Dodd-Frank Wall Street Reform and Consumer Protection Act

New consumer credit score rules a ‘headache’

Federal regs require alarm companies to explain to consumers why they were turned down
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10/13/2011

VIENNA, Va.—Strict new federal regulations governing how companies inform consumers that their credit scores were used to reject them will result in higher labor costs and other problems for alarm companies, said a legal advisor to the Central Station Alarm Association, which is based here.
The new requirements took effect this summer, and are a part of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, a response to the economic recession. They essentially mean that security companies will have to spend more time and effort explaining to consumers why their poor credit ratings led to their being turned down as customers, said attorney John Prendergast, an advisor to the CSAA.