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
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
10 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
5 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
6 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
7 hours ago