Study Finds Discrepancy in Credit Scores
September 26, 2012
A study by the Consumer Financial Protection Bureau reveals that as many as 25 percent of consumers receive credit scores from credit bureaus that differ from the ones used by lenders. These discrepancies may affect whether borrowers are approved for mortgages or other loans and what kind of terms they get for them. Consumer advocates say borrowers probably will not be aware of any discrepancy in their credit scores and argue that reporting firms should notify them if discrepancies to exist. "The report illustrates how opaque the process is in determining credit scores," notes Bill Sermons of the Center for Responsible Lending. "The deck is stacked against consumers because they don't know what information is being used to determine how much they pay for credit."
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