There's an irony about the new
credit score disclosure rules issued by the Federal Reserve Board on July 6,
and this is it: Would-be borrowers who are most likely to get their credit
scores for free are still the people who may find it advantageous to buy their
scores.
The borrowers who won't get their
scores may find they don't need to buy them, either.
That's because the rules require
lenders to supply potential borrowers with their scores if they are denied
credit or offered less favorable terms because of those scores. Starting on
July 21, scorned applicants for credit cards, student loans and auto loans will
see their scores.
But learning after you apply
for a loan that there was a problem with your credit score isn't that much
help, is it? People who know that their credit reputation may be marginal will
have to figure out a way to get their scores early enough that they have time
to nudge them up before putting in those loan applications.
Here's what you'll need to consider
as the new rules become effective:
