California real estate disclosure laws California Real Estate Disclosures | Page 64

The credit score is a computer generated summary calculated at the time of the request and based on information a credit bureau or lender has on file. The scores are based on data about your credit history and payment patterns. Credit scores are important because they are used to assist the lender in determining whether you will obtain a loan. They may also be used to determine what interest rate you may be offered on the mortgage. Credit scores can change over time, depending on your conduct, how your credit history and payment patterns change, and how credit scoring technologies change. Because the score is based on information in your credit history, it is very important that you review the credit-related information that is being furnished to make sure it is accurate. Credit records may vary from one company to another. If you have questions about your credit score or the credit information that is furnished to you, contact the credit bureau at the address and telephone number provided with this notice, or contact the lender, if the lender developed or generated the credit score. The credit bureau plays no part in the decision to take any action on the loan application and is unable to provide you with specific reasons for the decision on a loan application. If you have questions concerning the terms of the loan, contact the lender. In addition to the above notice, the individual or consumer is to receive, together with a copy of the credit report issued by a credit reporting agency, a list of the factors not to exceed four which have materially affected the outcome of the “credit score.” The notice and the disclosure of the four factors affecting the “credit score” are to occur early in the loan process to allow the consumer to address any issues presented by the credit report or the “credit score,” including the four factors about which the individual consumer may be in disagreement. The individual or consumer is to be provided with the name and address and the website of the person or entity who developed the score or methodology of the score. In addition, the individual or consumer is to be provided with the name, address, website and other contact information for the credit repositories who maintain credit and financial information about each individual or consumer who issue their own form of credit score. These repositories are: • EQUIFAX PO BOX 740241, 1-800-525-6285 www.equifax.com ATLANTA, • EXPERIAN PO BOX 9532, 1-888-397-3742 www.experian.com • TRANSUNION PO BOX 6790, FULLERTON, CA 92864-6790 1-800-680-7289 www.transunion.com ALLEN, GA 30374-0241 TX 75013 As previously discussed, credit and identity fraud have become an epidemic in America and in California. In an Vff