Fed, FTC Call for Lenders to Share Credit Scores

Free credit scores could be easier to obtain under a rule U.S. federal regulators proposed yesterday, the Wall Street Journal reported today. Starting in July, lenders would be required to disclose credit scores to consumers when the scores are used to set certain credit terms. The Federal Reserve and Federal Trade Commission proposed the rules to comply with a provision included in the sweeping Dodd-Frank financial overhaul Congress passed last summer. Under the proposal, a lender would be required to provide free credit scores to borrowers when the lender uses a credit report to set high interest rates or other loan terms that are not the best available. Lenders would also need to provide credit scores when they deny credit, change the terms of an existing credit arrangement or refuse to grant credit in the amount or on the terms requested.
http://online.wsj.com/article/SB10001424052748703559604576175020502205458.html?mod=WSJ_hps_sections_personalfinance#printMode

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