Do risk-based pricing notices have to be provided to applicants who are denied?
No—if an application is denied and an adverse action notice is provided, a risk-based pricing notice or exception notice is not required. See Regulation V, section 1022.74(b):
(b) Adverse action notice. A person is not required to provide a risk-based pricing notice to the consumer under §1022.72(a), (c), or (d) if the person provides an adverse action notice to the consumer under section 615(a) of the FCRA.
Section 1022.72(a) of the regulation specifies when the bank generally must provide a risk-based pricing notice to a consumer applying for credit, which is subject to the exceptions set out in section 1022.74.
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