ICFE eNEWS #11-29 - July 17, 2011
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Lenders Must Send Consumers Credit Score it Used to Arrive at its Decision

Notice to:

ICFE Certified Credit Report Reviewers;
ICFE Certified Money Instruction Book Instructors;
ICFE Certified Home Equity Conversion Mortgage Specialists;
ICFE Certified SmartEquity Specialists;

Lenders must send consumers credit score it used to arrive at its decision

A new rule benefiting borrowers comes from the Federal Reserve and Federal Trade Commission and it begins July 21. Now, consumers will get an explanation when they don't receive the best interest rate or are turned down on a student loan, automobile loan or credit card application.

This new regulation requires lenders to send the applicant a free copy of the credit score it used to arrive at its decision. The new Consumer Financial Protection Bureau will enforce these new rules and the ruling only applies to lenders.

Consumers will now get a clear picture of how they are judged by lenders. The lender's disclosure notice must provide the credit score and the factors that pulled down the credit score and where the score ranks nationally. The notice must also give the major factors that decreased the credit score such as late payments or maxing out credit cards. It will also explain how to get a free copy your credit report.

Note: If a utility, telephone company, or insurance agency has a special scoring system, it does not have to provide a free credit score. Also, if a borrower received the best terms and lowest rates, they may not receive a free score.


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Sent by:

Paul S. Richard
President - Executive Director
Institute of Consumer Financial Education (ICFE)

About the ICFE:

The Institute of Consumer Financial Education (ICFE) was founded in 1982 by the late Loren Dunton (creator of the Certified Financial Planner (CFP) designation).  The ICFE is dedicated to helping consumers of all ages to improve their spending, increase savings and use credit more wisely. 
The ICFE is an award winning, nonprofit, consumer education organization that has helped millions of people through its education programs and Resources. It publishes the Do-It-Yourself Credit File correction Guide, which is updated annually. The ICFE has distributed over one million Credit/Debit Card Warning Labels and Credit/Debit Card Sleeves world wide.

The ICFE became an official partner with the Department of Defense/Financial Readiness Campaign in June of 2004.The ICFE was an active partner in the California Student Debt Resource Awareness Project (CASDRAP) which resulted in a new web site: (studentdebthelp.org).  CASDRAP disbanded in 2010, shortly after the web site project was completed.  In 2011 the ICFE assumed the single sponsorship of the (studentdebthelp.org) web site and is now responsible for its content and operation.

The ICFE is also an on-line help for consumers who spend too much.  ICFE's spending help was featured in PARADE Magazine in the Intelligence Report section. The money helps and tips are from the ICFE's Money Instruction Book, our course in personal finance.

Visit the ICFE's other web sites at: www.financial-education-icfe.org and studentdebthelp.org.  Both sites helps consumers and students with mending spending, learning about the proper use of credit, budget and expense guidelines, how to set up and implement a spending-plan and also how to access financial education courses and how to teach children about money. Other ICFE services include: Ask Mr. G,  a free eNews, and an online resource center for students, parents and educators, plus financial education learning tools and a book store.

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Copyright ©  1997 - by Paul S. Richard
and the Institute of Consumer Financial Education, All Rights Reserved.
View our
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Institute of Consumer Financial Education
PO Box 34070
San Diego, Ca 92163
Paul S. Richard, Executive Director
Phone 619-239-1401

FAX 619-923-3284

Questions for www.financial-education-icfe.org Click to go to Website Contact Us or 
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Home ] ICFE News Releases ] ICFE in the News ] Children and Money ] Financial Education ] Resource Center ] Credit Card Tips ][ Credit File Correction ] Mending Spending ] Links and Resources ]  [ Online Store ]

 

Copyright ©  1997 - by Paul S. Richard
and the Institute of Consumer Financial Education, All Rights Reserved.
View our
Privacy Policy Our Terms and Conditions

Institute of Consumer Financial Education
PO Box 34070
San Diego, Ca 92163
Paul S. Richard, Executive Director
Phone 619-239-1401

FAX 619-923-3284

Questions for www.financial-education-icfe.org Click to go to Website Contact Us or 
Website Design Donated by Desgn School Programs