Most of us don’t know our credit scores, but beginning next week there will be a new, free way for some of us to learn. Starting July 21, if you are denied a private student loan, small business loan, mortgage or credit card — or even given one but with a less favorable rate — the lender must provide you with a letter explaining why, and include the credit score it used to arrive at its decision.
The Federal Reserve Board and Federal Trade Commission jointly decided to enact this law to help create more transparency in the lending market. But if you don’t know your credit score ahead of applying for a loan, best not to wait for a rejection letter from the bank.
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