Loan rejections soon to come with explanation

Loan rejections soon to come with explanation

If you’re not feeling a lender’s love, you’ll soon know exactly why you got jilted.

As of July, if a lender denies you a credit card, a car loan or other loan product based on your credit score, you’re entitled to a free copy of that score.

You’ll also get a list of the reasons why you got rejected. Ditto if you get a less-than-favorable interest rate on a new loan.

Some credit experts call the new rules a historic change in how consumers are treated by lenders.

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