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6 years ago
Fed issues rule on credit score disclosure
July 6, 2011 / 4:17 PM / 6 years ago

Fed issues rule on credit score disclosure

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WASHINGTON, July 6 (Reuters) - The U.S. Federal Reserve issued a final rule on Wednesday requiring lenders to give potential borrowers more information about their credit rating if they are denied a loan or charged more because of a lower credit score.

The Dodd-Frank financial reform law enacted after the financial crisis of 2007-2009 required lenders to provide consumers with their credit score and factors affecting their score if lenders denied credit or charged a higher rate based on the credit score. (Reporting by Mark Felsenthal, Editing by Chizu Nomiyama)

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