Certain consumers will soon know a lot more about their creditworthiness, and that power could create competitive and compliance headaches for lenders.
An amendment approved Monday to the Senate regulatory reform bill would give consumers free access to their credit scores if they are denied a loan, receive unfavorable terms on one, or if they are otherwise hurt because of poor credit (turned down for a job or an apartment, for example). This goes a step beyond a regulation scheduled to take effect next year, which is expected to nudge lenders to disclose scores to consumers who receive inferior loan terms.
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