Sunday, January 30, 2011

Credit Score

I came across an article recently from Yahoo Finance, Free Credit Scores Become More Available to Borrowers. Not everyone is entitled to see their credit score for free, like you are your credit report, but as of January 1, 2011, if you are offered a higher interest rate than other borrowers, you can ask for your credit score from the lender in order to see why you didn't get the lower rate. That way, you'll know what you might be able to do to raise your score for future loans or credit applications.

If you are just curious about your credit score or if you are thinking about applying for a loan or new credit card and want to see where you stand, you'll still have to pay to see your score. But with this new law, if you get turned down or don't get the best interest rate, now you can find out why.

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