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Century Negotiations, Inc.

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Century Negotiations Alerts Credit Card Customers to New “Risk-Based” Pricing Rule Amendment

Century Negotiations applauds rule as much-needed step toward creditor transparency, but warns consumers against over-dependency on credit score.

North Huntington, PA, July 20, 2011 --( Century Negotiations, Inc. (CNI) executives are applauding a new amendment going into effect July 21, 2011, requiring that creditors provide consumers more information about setting or adjusting credit terms.

As a result of a rule issued by the Federal Reserve Board and the Federal Trade Commission, creditors must disclose a “risk-based pricing” notice to consumers when their credit score is used for “risk-based pricing,” or the practice of determining credit terms and prices based on a consumer’s creditworthiness.

Creditors now must provide consumers with their credit scores—in addition to the “risk-based pricing” notice and other credit information—when their credit history will negatively affect current terms. This amendment is a result of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

Alternatively, creditors can provide a free credit score to all applicants.

“This legislation will let consumers know when they are being charged more as a result of negative marks on their credit reports, which is a much-needed step toward transparency on the part of credit card companies,” explained CNI President Amy Michalo-Rojas. “It is especially important for so-called ‘risk-based’ consumers—or those individuals who may have struggled in the past—to understand when they are being charged more.”

Moreover, this will make sure consumers do not needlessly pay for mistakes on their credit reports by giving them the option to check the accuracy of their reports for free.

While supportive of the new amendments, Michalo-Rojas and other Century Negotiations executives say that these rules illustrate how successfully the lending industry has elevated the importance of credit worthiness in the eyes of American consumers.

“There is no doubt that a good credit score can significantly help consumers get better interest rates on credit cards and mortgages,” said Michalo-Rojas. “But that really just means that it’s easier to take out more loans and borrow more money, which is not what most individuals and families should be doing in this economy.”

To learn more about the Dodd-Frank amendments to the risk-based pricing rule, visit the FTC website at

About Century Negotiations, Inc.
Century Negotiations, Inc. (CNI) is a company dedicated to helping individuals and families rid their lives of unsecured debt. CNI specializes in negotiation, and has negotiated settlements on thousands of accounts. Last year we settled over $100 million not only for our own clients, but also for clients of other debt settlement companies. For more information call 1-888-913-8784 or visit

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Century Negotiations, Inc.
Maggie Beetz

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