Consumer Mortgage News Free mortgage news for current and prospective borrowers from a leading online mortgage industry news publication.
Lenders to Provide Credit Scores to Denied Consumers
Loan rejections soon to come with explanation
July 25, 2011
By CLAUDIA BUCK The Sacramento Bee - McClatchy-Tribune Information Services
Consumers who apply and are rejected for the best available credit terms will now receive a copy of the credit score used by the lender in its decision to deny the application. Mortgage lenders were already subject to the requirement, but the Dodd-Frank Wall Street Reform and Consumer Protection Act expanded the requirement to all types of lenders.
This wire news service story is no longer available.
Distributed by McClatchy-Tribune Information Services.
For reprints, e-mail email@example.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
This story was distributed by TNS - Tribune News Service