Credit unions and other lenders who use credit scores as a basis for credit terms will have to release credit scores to consumers, as a result of rules finalized by the Federal Reserve and the Federal Trade Commission. In their risk-based pricing notices and in letters turning down consumers for credit, credit unions and other lenders must include: The credit score and the range of possible credit scores; factors that negatively affected the credit scores; the date the score was determined; and the name of credit reporting agency.
|The rule was mandated by last year's financial overhaul law. It will take effect 30 days after it is published in the Federal Register.
|To read the rule, go to: http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20110706a1.pdf
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