You may know your own credit score, but did you know that current regulations and recent trends in the financial industry are changing the way your score is viewed, disclosed and even computed?
For instance, new risk-based pricing rules that took effect Jan. 1 require lenders to provide certain disclosures to consumers when they apply for and are approved for credit. In some cases, the disclosure will include a free credit score, along with contextual information.
On the scoring frontier, Experian, one of the three major credit-reporting agencies, recently announced that it would start including positive rental payment data in its credit files. For the first time, paying your rent on time could help you build or establish a credit score.
So what do the latest regulations and trends mean for you and your three-digit credit rating? At 2 p.m. EDT, Monday, May 16, Bankrate will hold its first-ever live interview with FICO, the company that created the FICO credit score. I will be interviewing FICO's Careen Foster and covering such topics as the Credit CARD Act, the risk-based pricing rules, the inclusion of alternative data in credit scores and building a credit score in the current lending climate. We'll take your feedback and questions along the way.
Set up an event reminder today.
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