9 Year Mortgage on New Credit Score Rules Are Ready to Roll Out

The promise of a free credit score may no longer be a marketing ploy now that a new financial reform bill has changed how the credit reporting system works. You will now be entitled to an explanation from lenders who offer you sky-high interest rates or deny you all together.   Read on and 9 Year Mortgage will let you know what else to look for.

9 Year Mortgage on the Latest on Credit Scores

 Know Your Rights

We’ve all seen the free credit report commercials that actually require you to start a “trial” service, complete with your credit card number, in order to get a “free” credit report. With the financial reform bill that went into effect Jan 1, it’s now easier than ever to get a truly free copy of your credit report, and lenders now have two ways to comply with the new requirements.

The first option is to provide you, the borrower,  with a copy of the credit score that was used to make the decision. You should also be provided with a range of possible scores so you understand where you rank nationally. Also, the lender must tell which of the three credit bureaus–Equifax, Experian or TransUnion–provided the score.

The other option that lenders can follow is to simply not include the applicants credit score. Instead they can provide a letter stating that the borrower was given a less-than-favorable rate because they are a credit risk. This letter must also disclose which credit bureau provided the information.

However, 9 Year Mortgage wants you to know that as of July 21 another regulation shut down that loophole. The lender will no longer be able to pick which option they want to use. If a credit score is used to deny a loan or give not so great terms, the lender must provide the score to the consumer.

How to Shop Smart

9 Year Mortgage wants you to keep in mind that even with these new rules you are not guaranteed a copy of your credit score. The new rules only affect those who have either been denied credit or who have applied for credit. It’s always a good idea to avoid having your credit run multiple times when looking for a loan or any type of financing.

9 Year Mortgage wants to remind you that when looking for a credit score don’t get caught up in the eye-catching deals that you see all over TV and the internet. An example of an eye-catching deal is, Experian, who also runs freecreditreport.com. They lure in customers by offering your credit score for just $1, but if you read the fine print it turns out that it is a teaser; it is actually a subscription for $14.95 a month unless you cancel it within a week. 9 Year Mortgage says that all three credit bureaus sell a report or score package for a one-time cost of about $15.  You can request a free copy of your credit report once per year at annualcreditreport.com, although you don’t actually get a score, just the credit report.

Understanding the Scores

9 Year Mortgage wants you to keep in mind that before you start shelling out for a credit score, know that there is more than one version out there. Lenders rely on two types of scores that gauge a borrower’s risk.  Most lenders use the FICO score, which ranges from 300 to 850. However the Vantage Score, which was created by the three credit bureaus, has also gained great popularity over the years. Vantage Scores range from 501 to 990. The type of score you get will depend on where you buy it. TransUnion sells both versions to consumers, and Equifax sells both FICO scores as well as its own credit score. 9 Year Mortgage also wants you to know that FICO develops a specific formula for each credit bureau, so your FICO score may vary slightly with each one.  Not all creditors report information to each credit bureau, so information and scores can vary due to the information reported as well.

 Ending It With 9 Year Mortgage

9 Year Mortgage wants you to take your time and really look at all the fine print when it comes to looking for your credit score. Don’t get caught up with all of the eye-catching deals because usually they aren’t as good as they seem. Also remember that these new regulations are intended for those who get denied credit or get high interest rates, and not everyone gets a free credit report.  To learn more about our company, and to read what our clients are saying, check out our 9 Year Mortgage Reviews page.  For more information on becoming debt free, visit the 9 Year Mortgage Accelerate Your Path site.  For more great money saving ideas visit 9 Year Mortgage on Youtube or go directly to the 9 Year Mortgage Money Saving Minute.

Will 9 Year Mortgage work for me?

Not everyone qualifies or will benefit from the 9 Year Mortgage program so there is no easy answer to that question.   We are very careful with who we let into the program.  We go through a qualification process to make sure we can provide you a viable financial plan that will work before we let you into the program.  Our representatives are trained to ask the right questions and gather the information necessary to quickly find out if we can help you.  If you would like to go through this process you can Click Here to begin filling out some basic information so that a 9 Year Mortgage representative can start working on your financial plan right away.

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