The Federal Reserve Board released revised model forms Wednesday for Equal Credit Opportunity Act disclosures.

The forms are used when a borrower is denied credit. Most of the changes are minor, but the Fed is requiring banks that reject a borrower because of a negative credit report to include phone numbers for credit reporting agencies.

The changes are effective April 30.

Separately, the Fed on Tuesday revised its staff commentary on the Truth-in-Lending Act to give more guidance on credit card late payments. The Fed said card companies may not simply inform borrowers that rates will rise if they are not in good standing. Instead, they must disclose how much the rate will rise and describe generally what events would trigger a rate hike. This does not affect across-the-board changes in interest rates. The Fed also clarified that debt-cancellation agreements should be treated the same as similar insurance policies. The commentary is effective March 31, but compliance is optional until Oct. 1.

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