Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Rejected consumers now can access free credit scores
KNOXVILLE, Tenn. (7/21/11)--Starting today more consumers will have free access to their credit scores. New rules require credit unions and banks to tell consumers their scores if their credit applications are denied. They will also have to explain other factors considered in the decision (WBIR July 18). Financial institutions will automatically send out "Risk-Based Pricing Notices” to members and customers who were denied loans. The notices will provide members with their credit scores, the agency that provided the score, how to contact the agency, and factors that may have contributed to a low score said Kimberly Bohannon of UT FCU, Knoxville, Tenn. Bohannon told WBIR that credit scores are somewhat proprietary, depending on the agency doing the scoring and the factors considered in compiling the score. Those are among the reasons they haven’t been easily accessible to consumers. The guidelines are meant to help consumers make better educated decisions about their finances, according to experts. All U.S. credit scores fall somewhere between 300 and 850, according to the credit information group Experian. The average American has a score of around 678. Most lenders consider anything below 620 to be subprime, or below standard.


RSS





print
News Now LiveWire
.@TheNCUA recieved 2,167 comment letters on #RBC2 proposal, as of this morning. http://t.co/ijPFHItc8J
2 hours ago
.@TheKCUA's CUlead gets close up with co-ops http://t.co/r3gxAxx4pI #NewsNow
2 hours ago
.@NYCUAtweets in Albany today/Wed for #StateGAC
2 hours ago
#RBC2: When is final draft on the horizon? See #NewsNow http://t.co/FoiXb48Dqh
2 hours ago
About 1 in 5 #CUs offer credit-building loans,@SchenkMike @CUNA vice president of economics and statistics, told @CreditCardsCom
18 hours ago