Re: What you should know about the Dodd-Frank Act
07-30-2010 06:20 AM
Just as John1956 stated, I beleive that the criteria for being approved should be clearly stated to prospective borrowers before the borrower applies. There is no sense in applying for something when you dont have the minimum score. As it stands now, someone could be 10 points shy of a banks threshold, be denied by that bank, and will subsequently lose more points because of the inquiry. Furthermore, I think scores should only change once per month or when information is changed/added/deleted. That way if I check my score on the 3rd day of the month and its a 703, I know that for the remainder of the month I can look into the best offers for that score. The bank cant come back and say, "when we checked your score it was only a 699...".