Lenders may have to tell you your credit score

by

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?

Advertisements

Tags: , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: