Utah Code 13-21-7.5. Required disclosures
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(1) As used in this section:
Terms Used In Utah Code 13-21-7.5
- Buyer: means an individual who is solicited to purchase or who purchases the services of a credit services organization. See Utah Code 13-21-2
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Credit reporting agency: means a person who, for a monetary fee, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third persons. See Utah Code 13-21-2
- Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC
- Credit services organization: means a person who represents that the person or an employee is a debt professional or credit counselor, or, with respect to the extension of credit by others, sells, provides, or performs, or represents that the person can or will sell, provide, or perform, in return for the payment of money or other valuable consideration any of the following services:(3)(a)(i) improving a buyer's credit record, history, or rating;(3)(a)(ii) providing advice, assistance, instruction, or instructional materials to a buyer with regard to Subsection (3)(a)(i); or(3)(a)(iii) debt reduction or debt management plans. See Utah Code 13-21-2(1)(a) “Consumer reporting agency” means the same as that term is defined in Section
13-45-102 .(1)(b) “Credit report” means the same as that term is defined in Section13-45-102 .(1)(c) “Credit score” means the same as that term is defined in Section31A-22-320 .
(2) When a consumer credit services organization provides a credit report to a buyer, the credit services organization shall provide to the buyer a written disclosure that identifies:
(2)(a) the consumer reporting agency providing the information in the report;
(2)(b) the name of the credit score model used by the credit reporting agency to calculate the credit score; and
(2)(c) the minimum and maximum possible scores under the credit score model used by the credit reporting agency in the credit report.