It Just Became Easier to Get Your Credit Score for Free

Free Credit ScoreIt’s generally common knowledge that you are eligible for a free credit report every twelve months from annualcreditreport.com. It’s also fairly well known that you can get a free copy of your credit report when you’ve been turned down for credit. Up until now, however, getting a hold of your credit score for free hasn’t been so easy.

Thanks to an amendment to the year-old Dodd-Frank Wall Street Reform and Consumer Protection Act, starting today, consumers who get turned down for credit will now be entitled to a free copy of their credit score.

The new rule mandates that consumers must receive the actual score used in evaluating their credit if they were denied credit or granted credit at less than favorable terms compared to other consumers. If more than one credit score was used, any one of the scores can be provided. The score must also be accompanied by contextual information such as the factors that influenced how the score was determined.

In order to comply with the new regulations, many banks may end up defaulting to disclosing consumer’s scores in a wide range of circumstances for simplicity’s sake. American Express plans to comply by disclosing scores when a credit or charge card application is denied, an account limit is reduced or the account is canceled. Capital One has also stated that it will disclose a consumer’s credit score when a score was used to determine an interest rate or decline an application.

The rule will be enforced by the new Consumer Financial Protection Bureau, which also officially launches today.

Want to keep up with the latest credit card deals?


One comment

  • Mike

    You can also get your credit score for free, and get an updated score anytime for free at creditkarma.com

Leave a Reply

Your email address will not be published. Required fields are marked *