Why Banks Don't Want You to Know Your Credit Score

Can banks make as much money on someone that knows there Credit Score? The answer typically is no. If you are in the market to make a purchase, and need one of the following types of loans:

1.car
2.house
3.equity loan
4.remodeling
5.Installment loan

Pay close attention to what I am about to discuss. Let's face it, who makes the most money, an educated individual, or an un-educated individual? I am for certain we all know the answer to that. The banks do not want you to know your credit score, because that is your ticket to negotiating your interest rate and fees on loans you apply for. Since I am a lender, I know this first hand, but the difference is I disclose it. Now if you are applying for a mortgage, lenders are required to provide Credit Score information Disclosure. This form discloses your scores with all 3 bureaus. Once it is disclosed to you, and you have not made the effort to learn you credit score beforehand, you probably did not come into that application with the negotiating skills needed to get a better interest rate, lower fee's, etc....... Interest rates and fee's on loans are all negotiable. The interest rates and fee's are usually lower if you are educated about your credit worthiness. Until recently, the non disclosure of Credit Scores was a major disadvantage to the consumer. Now that you have access to your credit report online, with scores; you can go into any banking establishment armed to negotiate your interest rate and fees.

An educated consumer is a consumer that will pay less for just about anything you buy. So when you get a copy of your Free Credit Score Report, you will join millions who know, even though the banks don't want you to know.

About the Author: Mike Clover is the owner of http://www.my720fico.com . My720fico.com is the one of the most unique on-line resources for free credit score reports, Internet identity theft software, secure credit cards, and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.