Yes. The amendment requires any person who takes "adverse action" with respect to any consumer based on information contained in a consumer credit report to provide the consumer with:
- Written or electronic disclosure of the numerical credit score;
- The range of possible scores;
- Factors that adversely affected the score, which should be ranked in order of importance. The number of factors should not exceed four, unless the number of credit inquiries is a factor and not reflected in the top four;
- The date the credit score was created;
- The name of the person or entity that provided the credit score or file.
This would apply to a trade credit situation in which a potential customer’s personal credit score is used to evaluate an application for trade credit.
The proposed changes took effect on July 21, 2011.