Free Credit Scores and Reports: Increased Transparency for Consumers
This law grants citizens free access to their actual (or educational) credit scores along with their annual credit report, which previously often required a fee. It mandates detailed explanations of factors affecting the score and specific advice on how to improve it. Furthermore, mortgage, auto, and student lenders must provide consumers with the reports and scores used for underwriting free of charge before the loan agreement is signed.
Key points
You will receive a free credit score (or educational score) along with your free annual credit report, increasing transparency regarding your financial standing.
Credit agencies must provide detailed explanations of positive and negative factors affecting your score, along with specific steps to improve it.
Lenders for mortgages, auto loans, and private student loans must provide you with the reports and scores they used for underwriting free of charge before you sign the agreement.
You gain the right to additional free reports and scores in new situations, such as after filing a dispute over inaccurate information or setting up a fraud alert.
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