More U.S. Consumers Will Get Free Credit Scores

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For quite some time it has been possible to get a copy of your credit report for free one time each year from each of the big three credit reporting agencies, TransUnion, Equifax and Experian. However, this did not generally include the credit score which is a fundamental part of your credit story. Getting the credit score included an additional charge.

But now it is likely that more U.S. consumers will receive their credit scores for free because of the new rules enacted with CARD that govern loans and credit cards according to Sandra Braunstein, director of the Federal Reserve?s consumer and community affairs division.

In remarks to the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, Braunstein remarked that one of the four options for lenders to comply with the new rules is to notify loan applicants of their credit scores. She indicated that she believed that many creditors would use the credit score disclosure exceptions to satisfy the requirements of disclosure for applicants denied credit.