As the Credit Crisis continues, banks have significantly tightened their lending criteria.
It makes perfectly good business sense for Lenders to accurately and thoroughly check the credit-worthiness of prospective borrowers (finally) - but it now seems like there is over-kill.
Today I heard of a prospective buyer with respectable credit, verifiable income and a reasonable down-payment who was turned down for a mortgage because his FICO score was 2 points lower than the bank's official acceptable threshold.
We're supposedly dealing with commerical enterprises that makes business decisions on merit - not some automated bureacratic machine - or are we?
Consumers can purchase their own Credit Reports and Scores, but often these scores differ from the scores lenders use.
Isn't it time that consumers became entitled to obtain the same scores used by lenders?
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