A New Ruling Requires Lenders Show Consumers their Credit Score

July 23, 2011 Posted by kingcade

A recent ruling now requires lenders who deny a borrower credit or offer a higher-than-normal interest rate show the borrower their credit score.  The new rule is part of an amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act that was passed one year ago.   The law requires creditors to provide additional information in adverse action notices if a credit score was used in making a credit decision.

A poor credit score can impact your ability to get a car loan, prevent you from being approved for a home mortgage, and can mean higher interest rates and less than favorable loan terms.  This new law adds a level of protection for consumers, giving them access to crucial information that will give them the facts needed to make a change in their spending habits or seek debt relief alternatives. Fair Isaac and
Company, or FICO, the developer of the software that generates most of the credit scores used by U.S. lenders, estimates the new provision will result in more than 500 million credit score disclosures each year.
To read more on this story visit:

http://abcnews.go.com/Business/credit-score-rule-takes-effect-today/story?id=14118699

At Kingcade & Garcia, P.A. we help clients analyze their finances and determine the best path to debt relief. This past year our firm handled more than 1,500 bankruptcy cases, bringing debt relief to individuals, families and business owners throughout South Florida. If you are struggling with insurmountable debt do not wait any longer, set up your FREE office consultation today by calling (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

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