Common use of FICO Scoring Certifications Clause in Contracts

FICO Scoring Certifications. NCC and Client hereby understand and agree to the following terms and conditions regarding the use of Consumer Reports and reason codes obtained through NCC and the Credit Bureaus: a. Client may disclose the Consumer Reports provided to Client to credit applicants, when accompanied by the corresponding reason codes, in the context of bona fide lending transactions and decisions only. b. The client agrees to comply with all applicable laws and regulations with respect to the use of the Consumer Reports and reason codes purchased from NCC and certifies that it has a permissible purpose under the FCRA to obtain said Consumer Reports. The client agrees to limit its use of the Consumer Reports and reason codes to its own business and will not sell, transfer, license, or distribute Consumer Reports or reason codes to third parties. Client agrees to maintain security procedures to minimize the risk of disclosure of Consumer Reports to employees without a legitimate need to know. c. Client will not permit its employees, agents, or subcontractors to use any of the trademarks, service marks, logos, names, or any other proprietary designations, whether registered or unregistered, of Equifax Information Services LLC, Transunion, Experian Information Solutions, Inc., Fair Xxxxx and Company, or the Affiliates of either of them or of any other party involved in the provision of the Credit Bureau/Fair Xxxxx Model, without such entity’s prior written consent. d. Client will not permit its employees, agents, or subcontractors to, in any manner, directly or indirectly, discover or reverse engineer (or attempt to discover or reverse engineer) any confidential and proprietary criteria developed or used by Credit Bureau/Fair Xxxxx in performing the Credit Bureau/Fair Xxxxx Model. e. The Credit Bureau/Fair Xxxxx has warranted to NCC that the Credit Bureau/Fair Xxxxx Model is empirically derived and demonstrably and statistically sound and that to the extent the population to which the Credit Bureau/Fair Xxxxx Model is applied is like the population sample on which the Credit Bureau/Fair Xxxxx Model was developed. The Credit Bureau/Fair Xxxxx Model score may be relied upon by Client to rank consumers in the order of the risk of unsatisfactory payment such consumers might present to Client. Credit Bureau/Fair Xxxxx has further warranted NCC that so long as it provides the Credit Bureau/Fair Xxxxx Model, it will comply with regulations promulgated from time to time pursuant to the Equal Credit Opportunity Act, 15 USC Section 1691 et seq. The foregoing warranties are the only warranties Credit Bureau/Fair Xxxxx has given NCC with respect to the Credit Bureau/Fair Xxxxx model, and such warranties are in lieu of all other warranties, express or implied, Credit Bureau/Fair Xxxxx might have given NCC with respect thereto, including, for example, warranties of merchantability and fitness for a particular purpose. NCC and each respective Client’s rights under the warranty are expressly conditioned upon each respective Client’s periodic revalidation of the Credit Bureau/Fair Xxxxx Model in compliance with the requirements of Regulation B as it may be amended from time to time (12 CFR Section 202 et seq.).

FICO Scoring Certifications. NCC and Client hereby understand and agree to the following terms and conditions regarding the use of Consumer Reports and reason codes obtained through NCC and the Credit Bureaus: a. Client may disclose the Consumer Reports provided to Client to credit applicants, when accompanied by the corresponding reason codes, in the context of bona fide lending transactions and decisions only. b. The client Client agrees to comply with all applicable laws and regulations with respect to the use of the Consumer Reports and reason codes purchased from NCC and certifies that it has a permissible purpose under the FCRA to obtain said Consumer Reports. The client Client agrees to limit its use of the Consumer Reports and reason codes to its own business and will not sell, transfer, license, or distribute Consumer Reports or reason codes to third parties. Client agrees to maintain security procedures to minimize the risk of disclosure of Consumer Reports to employees without a legitimate need to know. c. Client will not permit its employees, agents, or subcontractors to use any of the trademarks, service marks, logos, names, or any other proprietary designations, whether registered or unregistered, of Equifax Information Services LLC, Transunion, Experian Information Solutions, Inc., Fair Xxxxx and Company, or the Affiliates of either of them or of any other party involved in the provision of the Credit Bureau/Fair Xxxxx Model, without such entity’s prior written consent. d. Client will not permit its employees, agents, or subcontractors to, in any manner, directly or indirectly, discover or reverse engineer (or attempt to discover or reverse engineer) any confidential and proprietary criteria developed or used by Credit Bureau/Fair Xxxxx in performing the Credit Bureau/Fair Xxxxx Model. e. The Credit Bureau/Fair Xxxxx has warranted to NCC that the Credit Bureau/Fair Xxxxx Model is empirically derived and demonstrably and statistically sound and that to the extent the population to which the Credit Bureau/Fair Xxxxx Model is applied is like the population sample on which the Credit Bureau/Fair Xxxxx Model was developed. The Credit Bureau/Fair Xxxxx Model score may be relied upon by Client to rank consumers in the order of the risk of unsatisfactory payment such consumers might present to Client. Credit Bureau/Fair Xxxxx has further warranted NCC that so long as it provides the Credit Bureau/Fair Xxxxx Model, it will comply with regulations promulgated from time to time pursuant to the Equal Credit Opportunity Act, 15 USC Section 1691 et seq. The foregoing warranties are the only warranties Credit Bureau/Fair Xxxxx has given NCC with respect to the Credit Bureau/Fair Xxxxx model, and such warranties are in lieu of all other warranties, express or implied, Credit Bureau/Fair Xxxxx might have given NCC with respect thereto, including, for example, warranties of merchantability and fitness for a particular purpose. NCC and each respective Client’s rights under the warranty are expressly conditioned upon each respective Client’s periodic revalidation of the Credit Bureau/Fair Xxxxx Model in compliance with the requirements of Regulation B as it may be amended from time to time (12 CFR Section 202 et seq.).

FICO Scoring Certifications. NCC and Client hereby understand understands and agree agrees to the following terms and conditions regarding the use of Consumer Reports and reason codes obtained through NCC and the Credit Bureaus: a. 1. Client may disclose the Consumer Reports provided to Client to credit applicants, when accompanied by the corresponding reason codes, in the context of bona fide lending transactions and decisions only. b. The client 2. Client agrees to comply with all applicable laws law and regulations with respect to the use of the Consumer Reports and reason codes purchased from NCC and certifies that it has a permissible purpose under the FCRA to obtain said Consumer Reports. The client Client agrees to limit its use of the Consumer Reports and reason codes to its own business and will not sell, transfer, license, license or distribute Consumer Reports or reason codes to third parties. Client agrees to maintain security procedures to minimize the risk of disclosure of Consumer Reports to employees without a legitimate need to know. c. 3. Client will not permit its employees, agents, agents or subcontractors to use any of the trademarks, service marks, logos, names, or any other proprietary designations, whether registered or unregistered, of Equifax Information Services LLC, Transunion, Experian Information Solutions, Inc., Fair Xxxxx and Company, or the Affiliates of either of them them, or of any other party involved in the provision of the Credit Bureau/Fair Xxxxx Model, without such entity’s prior written consent. d. 4. Client will not permit its employees, agents, agents or subcontractors to, in any manner, directly or indirectly, discover or reverse engineer (or attempt to discover or reverse engineer) any confidential and proprietary criteria developed or used by Credit Bureau/Fair Xxxxx in performing the Credit Bureau/Fair Xxxxx Model. e. . The Credit Bureau/Fair Xxxxx has warranted to NCC that the Credit Bureau/Fair Fair, Xxxxx Model is empirically derived and demonstrably and statistically sound and that to the extent the population to which the Credit Bureau/Fair Xxxxx Model is applied is like similar to the population sample on which the Credit Bureau/Fair Xxxxx Model was developed. The Credit Bureau/Fair Xxxxx Model score may be relied upon by Client to rank consumers in the order of the risk of unsatisfactory payment such consumers might present to Client. Credit Bureau/Fair Xxxxx has further warranted to NCC that so long as it provides the Credit Bureau/Fair Xxxxx Model, it will comply with regulations promulgated from time to time pursuant to the Equal Credit Opportunity Act, 15 USC Section 1691 et seq. The foregoing warranties are the only warranties Credit Bureau/Fair Xxxxx has have given NCC with respect to the Credit Bureau/Fair Xxxxx model, model and such warranties are in lieu of all other warranties, express or implied, Credit Bureau/Fair Xxxxx might have given NCC with respect thereto, including, for example, warranties of merchantability and fitness for a particular purpose. NCC and each respective Client’s rights under the warranty are expressly conditioned upon each respective Client’s periodic revalidation of the Credit Bureau/Fair Xxxxx Model in compliance with the requirements of Regulation B as it may be amended from time to time (12 CFR Section 202 et seq.).

FICO Scoring Certifications. NCC ProMax and Client hereby understand and agree to the following terms and conditions regarding the use of Consumer Reports and reason codes obtained through NCC ProMax and the Credit Bureaus: a. Client may disclose the Consumer Reports provided to Client to credit applicants, when accompanied by the corresponding reason codes, in the context of bona fide lending transactions and decisions only. b. The client Client agrees to comply with all applicable laws and regulations with respect to the use of the Consumer Reports and reason codes purchased from NCC ProMax and certifies that it has a permissible purpose under the FCRA to obtain said Consumer Reports. The client Client agrees to limit its use of the Consumer Reports and reason codes to its own business and will not sell, transfer, license, or distribute Consumer Reports or reason codes to third parties. Client agrees to maintain security procedures to minimize the risk of disclosure of Consumer Reports to employees without a legitimate need to know. c. Client will not permit its employees, agents, or subcontractors to use any of the trademarks, service marks, logos, names, or any other proprietary designations, whether registered or unregistered, of Equifax Information Services LLC, Transunion, Experian Information Solutions, Inc., Fair Xxxxx and Company, or the Affiliates of either of them or of any other party involved in the provision of the Credit Bureau/Fair Xxxxx Model, without such entity’s prior written consent. d. Client will not permit its employees, agents, or subcontractors to, in any manner, directly or indirectly, discover or reverse engineer (or attempt to discover or reverse engineer) any confidential and proprietary criteria developed or used by Credit Bureau/Fair Xxxxx in performing the Credit Bureau/Fair Xxxxx Model. e. The Credit Bureau/Fair Xxxxx has warranted to NCC ProMax that the Credit Bureau/Fair Xxxxx Model is empirically derived and demonstrably and statistically sound and that to the extent the population to which the Credit Bureau/Fair Xxxxx Model is applied is like the population sample on which the Credit Bureau/Fair Xxxxx Model was developed. The Credit Bureau/Fair Xxxxx Model score may be relied upon by Client to rank consumers in the order of the risk of unsatisfactory payment such consumers might present to Client. Credit Bureau/Fair Xxxxx has further warranted NCC ProMax that so long as it provides the Credit Bureau/Fair Xxxxx Model, it will comply with regulations promulgated from time to time pursuant to the Equal Credit Opportunity Act, 15 USC Section 1691 et seq. The foregoing warranties are the only warranties Credit Bureau/Fair Xxxxx has given NCC ProMax with respect to the Credit Bureau/Fair Xxxxx model, and such warranties are in lieu of all other warranties, express or implied, Credit Bureau/Fair Xxxxx might have given NCC ProMax with respect thereto, including, for example, warranties of merchantability and fitness for a particular purpose. NCC ProMax and each respective Client’s rights under the warranty are expressly conditioned upon each respective Client’s periodic revalidation of the Credit Bureau/Fair Xxxxx Model in compliance with the requirements of Regulation B as it may be amended from time to time (12 CFR Section 202 et seq.).