Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » Free Credit Scores May Be Easier to Obtain in the Near Future

Free Credit Scores May Be Easier to Obtain in the Near Future

By
Add to Favorites:
Free Credit Scores May Be Easier to Obtain in the Near Future

U.S. federal regulators are taking a bigger interest in individual credit scores since the Dodd-Frank Wall Street Reform and Consumer Protection Act went into effect last year. They made a proposal on Tuesday, March 1, 2011, that would give people more access to free credit score reports. The goal is for people to know the most accurate information about their credit so they know how it is affecting them.

In July 2011, when credit scores are obtained to enforce customers to adhere to particular credit conditions, lenders would be obliged to make known the credit scores to customers. This makes more work for the lender but the U.S. federal regulators may think it is a necessary step to help Americans become more conscious of their decisions to spend.

The proposal is stirring things up for lenders. The recent proposal would also require a lender to give the borrower a free credit score, if the borrower is denied credit. They would also have to provide scores for borrowers, who have their existing credit terms revised because of disagreeable credit scores. The potential regulation could take the mystery out of why some people are denied credit or have to pay ungodly interest charges.

At present, most people are shocked to find out that they do not always see the credit scores that borrowers use. When someone purchases a credit score, he or she may only see a possibility of what the lender is viewing. The U.S. federal regulators’ proposal is seeking to change that so that the public knows exactly what they are getting themselves into.

Senior Analyst Susan Lou at www.Credit-Land.com says, “A credit history has a huge impact on the financial status of a person.” Having more access to credit scores could help some people change what they need to in order to improve their financial status.

If Americans have more access to free credit scores, they may make more responsible decisions concerning their credit. It seems that the U.S. federal regulators think that knowledge will be power for American consumers, who can obtain free credit scores.

Add to Favorites:

Related News:

Frugal Fashionistas Rejoice: Century 21 and Alliance Data Launch New Credit Card

By Elizabeth Nelson, Posted: September 26, 2016

New York City-based bargain department store Century 21 is partnering with Alliance Data to launch a new credit card program. A favorite of fashionable bargain-hunters, Century 21 operates 10 stores across the greater New York City area ... Continue reading
Talking About Money Equals Happiness

By Dar Dowling, Posted: September 23, 2016

Love and money are the two biggies in life and relationships, and now, according to a new study by TD Bank, couples who talk about money have a higher happiness factor than those that don't. Continue reading
Credit Card Limits Up, Up and Away

By Dar Dowling, Posted: September 22, 2016

Credit card limits had an upswing during the first six months of this year, according to a new study by Experian, with credit card limits in both the subprime and deep subprime credit range equaling $6.4 billion – the largest amount in the ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
1% cash back on select purchases, terms apply
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit