Agencies Had Difficult Time Implementing Risk-Based Pricing Adverse Action Notice System
March 25, 2010
Government officials had a hard time devising new federal regulations requiring lenders to tell consumers if the price they’re getting on their mortgage is less favorable than the deal other borrowers get because of their credit score. The outcome of the new rule, which takes effect in January 2011, is likely to be more consumers getting copies of their credit scores as part of the...