WASHINGTON (3/22/11)--Credit unions are encouraged to comment on a joint agency proposal to require creditors that use a consumer's credit score in risk-based pricing to disclose that score and other related information to that consumer. Under the Federal Reserve-Federal Trade Commission (FTC) proposal, credit unions and others would be required to provide consumers with a statement that a credit score takes into account information in a consumer report and that a credit score can change over time. They must disclose the specific numerical credit score used in making the credit decision, as well as information on the full range of FICO scores that could be assessed for a given member or customer. The lender must also disclose any factors that adversely affected the credit score, the date on which that credit score was created, and the entity that provided the credit score. The Credit Union National Association (CUNA) has issued a Comment Call asking credit unions for general comment on several areas of the proposal. CUNA has also included a Fed and FTC request for additional information. The regulators have asked for additional comment on whether the proposed additional content for general risk-based pricing notices and account review notices in the proposed rules are appropriate. They have also solicited extra input on their proposal’s potential impact on smaller credit unions. The proposal is scheduled to go into effect on July 21. Comments should be submitted to CUNA by April 8. The Fed and FTC are accepting comments until April 14. Separate RegFlex analysis and any comments regarding the paperwork reduction act must be submitted by May 16.