Bankruptcy Law News
5/9/2008 2:49:16 PM EST
Plan Offered To Give People Notice About Rates On Some Loans
WASHINGTON – (AP) People taking out credit cards, home mortgages, auto loans and other loans would be notified when they are offered higher interest rates because of poor credit histories, under a plan federal regulators proposed Thursday.
Many lenders offer borrowers rates and terms based on their credit reports, which reflect the borrowers' ability to repay loans. It's called "risk-based pricing." Full version (available to lexis.com subscribers)
Create an account or login to post comments.