Fair Credit Reporting: 16.4.3.1 When Required
The FCRA requires mortgage lenders who use credit scores in connection with an application for residential real-estate secured credit to provide, free of charge, certain credit scoring information. This requirement applies to both open-end and closed credit secured by one- to four-family residential real estate, including purchase and refinance transactions.146 This requirement applies regardless of the final action taken by the lender on the application.