Having the facts is one of our greatest assets when making financial decisions. In 2011, borrowers began to benefit from new rules set in place by the Federal Reserve and the Federal Trade Commission that reveals the credit score used when a lender decides to offer or decline a line of credit. These changes guarantee us an official “credit score notice” including a comparison of the score against other consumers, a “risk-based pricing notice” if we don’t qualify for the same terms offered to other consumers, and an “account review notice” if the interest rate is increased after a periodic review of our credit by the lender.

The credit score notice includes the numeric credit score of whichever credit bureau was used when reviewing our application for credit. The accuracy of the credit report can be determined by obtaining a free annual credit report. The risk-based pricing notice and account review notice do not include the credit score, but include information about how to obtain a free credit report from the applicable credit bureau within 60 days of the notice. This report is available in addition to the free credit report mentioned above.

If you need help understanding or improving your credit report, ClearPoint can help. Get started now online or call ClearPoint Credit Counseling Solutions at 877.412.2227 (CCCS) for a free budget and credit review with a certified consumer credit counselor.