IN SB0175

Consumer reporting agencies must provide consumers with a notice within 10 business days of a credit score request, including the score, calculation date, possible score range, and up to four key factors adversely affecting the score listed by importance.

Consumer reporting agencies are prohibited from developing or distributing credit scores that are negatively affected by "designated credit inquiries," which include inquiries not initiated by the consumer, insurance-related inquiries, and multiple creditor inquiries from the same industry within 30 days.

Creditors are prohibited from using designated credit inquiries as a negative factor in evaluating creditworthiness, determining credit eligibility, or setting credit terms and costs.

Creditors cannot use credit scores based on methodologies where designated credit inquiries negatively impact the score.

Violations of these provisions constitute deceptive acts subject to penalties under Indiana's consumer protection laws; effective July 1, 2014.