Getting Your Free Credit Report Is Now Easier Than Ever
Most people know that these days you are eligible for a free credit report once a year. this is possible by visiting the annualcreditreport.com website. However, some people do not know that you can get a free copy of your credit report if you’ve been turned down for credit for some obscure reason.
The U.S. has a new amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act. This amendment states that consumers who get turned down for credit are now entitled to a free copy of their credit score.
The new rule puts into law that consumers must receive their actual score used in determining 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 utilized, any one of the scores can be furnished. The score must also be followed by data such as to why or what influenced the credit score.
This amendment will be enforced by the new Consumer Financial Protection Bureau and banks must now comply with the new regulations or face penalties.
Just so you know, annualcreditreport.com is the only true website that gives you a credit report for free. Do not be fooled by the cute commercials on T.V. because they are fooling lots of people every year.
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