What does Financial Reform mean for you as a consumer?
If you have been denied credit based upon your credit score you can now get your credit score for free thanks to financial reform. While we have long been able to get our credit reports, the credit score required a $15.00 fee.
“Liar Loans” or rather the no income verification loans will be much more limited. Lenders will now be required to fully document the borrowers income.
Lenders can no longer offer incentives to mortgage brokers to sell loans with unfavorable and higher interest rates.
Most prepayment penalties are going away.
The Consumer Financial Protection Bureau will be created and it will be part of the Federal Reserve. There will also be the creation of an Office of Financial Literacy to develop programs to teach Americans about savings, loans, liens and fees.
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