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Free Credit Scores with the
new Financial Reforms. Are they for real?
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With the New Financial Reform Bill being passed,
will consumers be allowed to get a free copy of their credit scores?
Although the bill was passed it will not take effect
for a year from when it was signed. Once it is in effect consumers
that experience certain events will be eligible for free credit
scores. The events include:
-A credit card or loan has been offered to a consumer at
a higher rate than a consumer with excellent credit or if a
complete rejection of financing occurs.
-Being denied a car lease or quoted a higher payment than
normal.
-When insurance increases in price due to credit problems.
-If a consumer is turned down for a job based on credit.
What was unclear in the information available about the bill
was who would provide these free scores? From the articles I
read it seems the financial institutions that denied or offered
higher rates to the consumer would have to extend a free copy of the
scores.
Already I have found sites trying to take advantage of
the passing of this bill. If you Google "get free
credit scores 2010 bill" you will find www.CreditReport.com offers free 2010 credit scores. When
filling out the application for the scores they request your credit
card info. Always be wary when you are asked to give your
credit card info. When a site wants your credit card it means
the site is not giving you a free score (there will be strings
attached). This is a free TRIAL score. Once the trial
ends they will automatically charge your card.
www.creditkarma.com
offers a free score anytime you want but they do not specify what
score it is and there is no way to know how it compares to the Fico
score. How is a consumer to depend on this score if there is no
way of knowing the difference between it and the mortgage
fico score? Who created this score and what factors impact the
score? Credit Karma is using free scores as bait for consumers
to browse their website and eventually buy products advertised on the
site. This is yet another score added to the many, already confusing
, varieties of scores available to consumers. Although Credit
Karma does give a lot of information , and this is a great
thing, they are very secretive about the score they offer.
This is all big news but the truth is any consumer who has applied
for a mortgage can go directly to the pulling service and get a free
copy of both the report and scores. The reports the lender
used, by law, must be supplied to the consumer by the pulling service
for free. Mortgage bankers have no problem giving consumers
the phone number of the pulling service but most cannot give copies
to the consumer directly.
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Call
Now for a
Free
Credit Education Seminar!
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Do You Have Any Credit Questions?
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"Great credit brings great
opportunity!!" Copyright
2010
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Call
Today for a Free Credit Education Seminar!
914-524-8300
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How
long do inquiries stay on the credit profile?
Do
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