Posted On: August 19, 2011
Persons Denied Credit to See Their Credit Scores
Under the Dodd Frank law, consumers denied credit or good terms are entitled to see their credit scores. The new law provides that any borrower who is denied credit or offered a higher than usual interest rate is entitled to see his credit scores without having to ask. The purpose of the rule is to add transparency to the lending process and to help consumers shop for a better deal. Without the new law, consumers cannot even see their credit score for free except when they apply for a mortgage.
There are some exceptions such as when a bank uses only its own scoring system with its own data to evaluate a borrower. Also, home and car insurance and utility companies may not be covered by the law.
