Short answer: if a lender uses a credit score on your application for a loan secured by a home with one to four units, federal law says it must give you the score it used, the range of possible scores, the key factors that hurt the score, the date the score was created and who provided it, along with a set notice to home loan applicants. Under Regulation V, a lender that adds a few more statements, including how your score compares with other people’s, does not have to send a separate risk-based pricing notice. This page covers federal law only; other rules may apply where you live. It is general information, not legal or financial advice.
Who must give the notice
Under the Fair Credit Reporting Act, a person who makes or arranges loans and uses a credit score on a consumer application for a closed-end loan or an open-end line “secured by 1 to 4 units of residential real property” must give the disclosures “as soon as reasonably practicable” (15 U.S.C. 1681g(g)(1), LII, read October 30, 2026).
What the notice includes
| Item | Source |
|---|---|
| The credit score: the current one, or the latest one calculated earlier | 1681g(f)(1)(A), via (g)(1)(A) |
| The range of possible scores under the model used | 1681g(f)(1)(B) |
| The key factors that hurt the score, no more than four, except that the number of inquiries must be listed if it is a key factor, even beyond four | 1681g(f)(1)(C) and (f)(9) |
| The date the score was created | 1681g(f)(1)(D) |
| The name of the person or company that provided the score or the credit file | 1681g(f)(1)(E) |
| The “Notice to the Home Loan Applicant”, with the name, address and phone number of each credit reporting company whose score was used | 1681g(g)(1)(D) |
The set notice says the lender must disclose the score a credit reporting company distributed and the lender used, that the score is a computer generated summary based on your credit history, that it is very important to review the information for accuracy, and that the credit reporting company plays no part in the decision on your loan. The law does not require the lender to explain the information, give more than one disclosure per loan, or disclose a score obtained after the loan closed (1681g(g)(1)(E)).
When it doubles as the risk-based pricing notice
A lender is not required to send a risk-based pricing notice for a loan secured by one to four units of residential real property if it gives every such applicant a notice with these items, among others (12 CFR 1022.74(d)(1), eCFR, text up to date as of October 28, 2026, read October 30, 2026):
- What a credit report and a credit score are, and that your score can affect whether you get credit and what it costs.
- The credit score information required by 1681g(g).
- How your score compares with other consumers scored under the same model: a bar graph with at least six bars, another clear graphic, or a clear statement.
- That you are encouraged to check your report and may dispute anything inaccurate.
- That federal law gives you the right to copies of your reports, including a free report from each nationwide company once in any 12-month period, and where to get them.
- A pointer to the CFPB website for more on credit reports.
The notice must be clear and conspicuous, in writing in a form you can keep, and given on or with the 1681g(g) notice, at that time and in any event at or before closing for a closed-end loan (1022.74(d)(2)-(3)). A model form is in appendix H-3 to Regulation V, and using it is optional (1022.74(d)(5)). For the regular risk-based pricing notice, see risk-based pricing notice.
Example: which score is shown when the lender pulls several
This example is only for the math, with example scores, not scores for any person.
| Item | Example |
|---|---|
| Scores from three credit reporting companies | 715, 688, 702 |
| Sorted low to high | 688, 702, 715 |
| If the lender uses the middle score, the notice shows | 702 |
| If the lender uses the low score, the notice shows | 688 |
| If the lender averages them (2105 / 3 = 701.67), the notice shows | One of the three scores, chosen by the lender |
Regulation V says that when a lender uses one of several scores, such as the low, middle, high or newest score, the notice must include that score; when it uses several, for example by averaging, the notice must include one of them, and may include more (1022.74(d)(4)).
How it differs from other notices
A credit report is the record of your credit history; a credit score is a number computed from it. See credit report vs credit score. If the lender turns your application down or takes other adverse action, it sends an adverse action notice instead of a risk-based pricing notice; see loan application denied: the adverse action notice.
The CFPB says your score can differ depending on which credit reporting company is used, and that errors on your report can lower your score, which could mean a higher interest rate (CFPB, last reviewed December 31, 2024, read October 30, 2026; this page may be out of date). For the basics, see what is a credit score. To get your free reports, see the FTC. You can submit a complaint at consumerfinance.gov/complaint.
Questions to ask the lender
- Which score did you use to set my rate and terms, and why that one?
- From which credit reporting companies did you get scores?
- What are the key factors listed, and which ones could I work on?
- If I correct an error on my report, will you pull a new score before closing?
Checklist
- Look for the score, range, key factors, date and source.
- Find the “Notice to the Home Loan Applicant” and the credit reporting company contact details.
- Check how your score compares with others if the notice shows it.
- Get your free reports and dispute anything inaccurate.
- Keep the notice with your loan papers.
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Sources
- 15 U.S.C. 1681g: Disclosures to consumers (including information available to identity theft victims)
- eCFR: 12 CFR 1022.74, Exceptions (Regulation V, risk-based pricing), current text up to date as of October 28, 2026
- CFPB: Does my credit score affect my ability to get a mortgage loan or the mortgage rate I pay? (last reviewed December 31, 2024)
- CFPB: What is a credit score? (last reviewed September 2, 2026)
- FTC: You now have permanent access to free weekly credit reports (October 2023)
- CFPB: Submit a complaint
Disclosure: Modern Lending Solutions is not a lender, loan broker or agent for any lender or loan broker, and does not make credit decisions. Any compensation we receive is paid by participating lenders, only for advertising services. This guide is general information, not financial or legal advice.