Denied credit? Under new law, you’re entitled to a free copy of your FICO score

[The Straight Story]

Denied credit? Under new law, you’re entitled to a free copy of your FICO score

Consumers denied a credit card or auto loan are entitled to free copies of their credit scores starting yesterday.

The 2010 Dodd-Frank financial overhaul law expands disclosure rules and places the responsibility on financial companies to provide the numbers. It also forces lenders to give free scores to consumers who don’t get the best rates when borrowing.

The rule applies to companies that use scores to make loans. The most common scores are based on models established by FICO, formerly known as Fair Isaac Corp. The numbers, which range from 300 to 850, affect the ability to get mortgages, credit cards, and insurance products, as well as the rates borrowers pay. Under previous laws, all consumers were entitled to free annual credit reports, but not to their actual scores.

“The law will affect credit-related transactions that occur tens of thousands of times every day,’’ said John Ulzheimer, president of consumer education at SmartCredit.com.

http://www.boston.com/business/personalfinance/articles/2011/07/22/denied_credit_under_new_law_youre_entitled_to_a_free_copy_of_your_fico_score/

[LaydeeBug]

1. you were always entitled to a copy is you were denied credit. nt

[tridim]

4. I think you were entitled to your three credit "reports", not your FICO score.

[Donnachaidh]

2. This is NOT new

:eyes:

[ProdigalJunkMail]

3. yes it is...

you were previously entitled to a copy of the report but not the score value.

sP

[Shagbark Hickory]

5. Of course.... if you do request it, your credit score drops 10 points

:rofl:

[ProdigalJunkMail]

6. in addition to the points just lost for the inquiry

that resulted in the denial in the first place...

sP

[Shagbark Hickory]

7. And then they probably classify you as "argumentative customer" for wanting to know why. nm