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Released: July 12, 2011
Denied a loan? Get a free credit score
Source: Blake Ellis, CNN Money
As part of an effort to pull back the curtain on how creditors go about making their lending decisions, consumers are soon going to find out exactly why they got rejected for a credit card or loan. Beginning later this month, lenders and creditors who deny a consumer's application for a loan or credit card -- or who give less favorable terms for one of these products -- will be required to disclose the credit score and other factors that they used to make their decision. "[These requirements are] a move toward letting consumers have more access to the process and know what it is about their credit profiles that affects them, so they can take steps to improve it," said Becky Kuehn, an assistant director in the Federal Trade Commission's Bureau of Consumer Protection, the agency which helped to create the rules.Read Full Article: Denied a loan? Get a free credit score
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