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Consumers with bad credit that have applied for a regular car loan sometimes find the FICO reason codes in the “adverse action notice requirements” they receive confusing. But this is an improvement over the old system.
As part of the recently enacted financial reform bill, any lender that sends you a risk-based pricing notice (whether you’re approved or turned down) has to include, according to FICO, “The key factors or reason codes that adversely affected the credit score, with a requirement to disclose five “reason codes” any time inquiries are a “key factor” that adversely affected the score.”