Archive for March, 2011

Lenders may have to tell you your credit score

March 21, 2011

The Federal Reserve Board and the Federal Trade Commission proposed new rules to help consumers better understand the credit decision a lender made that resulted in a less favorable outcome.

The proposed rules require lenders to tell consumers the credit score that was used in a lending decision that resulted in an adverse lending decision.   The proposed disclosure also identifies from which reporting agency the score was obtained.   The proposal includes model notices that clearly identify the score used and explains what a credit score is and how it might change over time.

Should lenders should have to give a person their credit score for free when its use resulted in an adverse lending decision?