Computer says....this is why
Lenders will be forced to disclose their reasons for refusing a customer a mortgage under proposed plans announced by the European Commission today.
In its Directive it says where an application has been rejected the lender must inform the consumer immediately and without charge as to the reasons for the refusal.It says: “Where the application is rejected on the basis of an automated decision or a decision based on method such as automated credit scoring, the creditor must inform the consumer immediately and without charge and that the creditor explains the logic involved in the automated decision to the consumer.”
It says the consumer should have the opportunity to request for the decision to be reviewed manually.
The EC says when the applicant has been turned down because the lender has consulted a database or credit agency the consumer must be told the name of the database and be given the right to rectify any information held on the database.
------------------------------------------------------------------------------------
For more comment on the current mortgage market, see Mark's Mortgage Blog here
Views: 12
Add a Comment
Member Sponsors (Links)
These NiS MEMBERS help us keep NiS free for you! Click the ads for info and offers...
Meet Steve Page on NiS...
GRAB A FREEBIE...(or two!)
Meet Elizabeth Turner on NiS
Meet Louisa Coy on NiS...
Meet John Gower on NiS...
ADVERTISE HERE! Become a Sponsor and promote your business by taking an ad - seen by over 2,400 Members, 1,500 unique visitors with 6,000+ pageviews every month...
"Thanks for getting Google on my side! It's so nice when you can see a return on your investment."
Emma Selby Farnham Hub
WATCH A VIDEO of Keith telling Sean Usher all about NiS
© 2024 Created by Keith Grover, NiS Founder.
Powered by
You need to be a member of Networking in Surrey to add comments!
Join Networking in Surrey