Free Credit Scores and Reports for Consumers Act
This act aims to provide citizens with free access to their credit scores and reports, and to better understand how they are calculated and used. It increases transparency and helps consumers make informed financial decisions, protecting them from misleading practices.
Key points
You will get free access to your credit score and educational credit score upon request, along with your annual credit report.
Credit agencies must clearly explain how credit scores are calculated, what positively and negatively affects them, and how to improve them.
Increased transparency: agencies must clearly state that there are many types of credit scores and that an educational score may differ from what lenders use.
When applying for a mortgage, car, or student loan, lenders must provide you with the credit reports and scores they used to assess your creditworthiness, free of charge, before you sign the agreement.
Increased protection: in certain situations, such as after reporting fraud or a dispute, you will automatically receive a free credit report and score.
Expired
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