On July 6th 2011 the Federal Reserve Board and the Federal Trademission issued final rules regarding the credit score disclosure regulations within Dodd-Frank. These new rules serve to finalize the requirements of the Fair Access to Credit Scores Act of 2010 championed by Senator Mark Udall (D-CO), which will be part of the July 21, 2011 effective date of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Consumers will now enjoy unprecedented free access to their actual credit scores in most cases as defined below.
Credit score disclosure is required by lenders under these conditions;
- All consumers who apply for credit where a credit score is used to set the material terms of the credit account. (
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