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Financial Services Law Insights and Observations

Utah amends credit report disclosures to protect consumers

State Issues State Legislation Consumer Reporting Credit Report Credit Scores

State Issues

On March 13, the Governor of Utah signed into law HB 99, a bill that amended certain provisions related to consumer credit protections. Specifically, the bill made an addition to the Credit Services Organizations Act at Utah Code 13-21-7.5, adding a disclosure requirement when a credit services organization provides a credit report to a consumer. The disclosure must identify the consumer reporting agency that provided the information, the credit score model used to calculate the score, and the minimum and maximum possible scores under the model. This bill will go into effect May 1.