Credit Score Disclosure for Mortgage Applicants starts January 1st 2011

One more clause that will have to be approved before mortgage applicants can get acceptance is that they will have to provide their credit score details before the mortgage company will process mortgage applications the new disclosure requirement is effective from January 1st, 2011

Credit Score Chart

The regulators keep tightening the acceptance process by requiring more and more disclosure details

From the Press Release Mag – quote – The hope is that the disclosure will motivate consumers who have negative information in their credit file, which can trigger higher interest rates and adverse terms, to reconsider their decision, order copies of their credit reports and look for inaccuracies or outdated information.

‘More credit approval rejections  means less mortgages which spells fewer sales of residential and commercial properties!’

http://www.pressreleasemag.com/2010/12/25/new-rules-disclose-how-credit-score-affects-mortgage-rate-2/

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