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New credit disclosure starting in January 2011

December 21st, 2010 8:51 AM by Sam Kader

The new disclosure will cover:

  1. The specific credit score including the source and the date pulled that was used by the lender to arrive at a decision on the rate quote.
  2. How the applicant's score rank against other consumer's scores.
  3. Negative credit factors that affected the applicant's score such as late payments, inquiries and low available credit lines.
  4. A reminder that all applicants have the legal right to dispute any inaccuracies in their credit files.
  5. Contact information for each credit bureau.
  6. A brief description of credit-scoring methodology.  
Posted in:General
Posted by Sam Kader on December 21st, 2010 8:51 AM

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