Wednesday, July 6, 2011 - 11:09 AM

Free Credit Scores Coming To Prospective Borrowers

Starting later this month, if you’re denied for a loan or don’t qualify for the best interest rate, the lender must send you a free copy of the credit score it used to arrive at its decision.

The new rule, which will go into effect on July 21 as part of the broader financial regulatory overhaul, will apply to credit cards, auto loans and student loans. In other words, it will apply to any type of credit-related decision that uses information in your credit report. (Lenders must continue to provide free credit scores to all mortgage applicants, even if you get the best loan terms available.)

But you won’t be entitled to any and all credit scores....

[Read more....]

WhataBummer413 posts since
Oct 15, 2010
Rep Points: 1,577

1. Wednesday, July 6, 2011 - 6:47 PM

I've read comments here (Ken's blog) mentioning being turned down for opening bank accounts because too many other accounts were either opened or tried to be open (I think I said that properly). I wonder if being turned down in opening an account fits the same score disclosure rule?

Mike276 posts since
Feb 22, 2010
Rep Points: 704

2. Saturday, July 9, 2011 - 1:54 PM

Mike,

I doubt it. I was recently turned down for a checking account and they didnt even run a credit check. They declined me solely on my chexsystems report which doesnt have ANY negative information except I have a lot of accounts.

(And a lot of money as I try to stay under the limit at each bank)

I cant imagine them having to provide a free credit score when it wasnt even used.

RJM57 posts since
Jan 21, 2011
Rep Points: 313

3. Saturday, July 9, 2011 - 4:50 PM

Thanks rjm. That's exactly what I was asking about.

Mike276 posts since
Feb 22, 2010
Rep Points: 704