Information about our liquid assets is blossoming, just at a time when personal assets and wealth are growing at unprecedented rates. However, consumers are still largely in the dark about their financial liabilities - their credit cards, mortgages, home equity lines of credit, auto loans or leases, etc. Traditionally, a lending institution has granted credit. The process has been cloaked in a veil of mystery but that mystery is beginning to become clearer. Consumers' hunger for information has begun to open doors previously closed to them.
Credit reports are easily available over the Internet.
Competitive rates on almost any common consumer loan are easily accessible from dozens of Web sites. While the consumer thirst for information is exposing more of the mystery, we believe the future holds a mixed bag for consumers, lenders and credit brokers. Consumer borrowing will become more efficient, meaning more choices, better rates, lower fees and faster decisions. Let's take a look at our forecasts. Increased disclosure of common credit scores California now requires it.