We’d previously blogged about the FACT Act as it made its way through the House and Senate to become a real law.
Short for Fair Access to Credit Scores, the law would finally allow consumers a big behind the curtain at their actual credit score.
On Wednesday, July 21, President Obama will sign the Frank/Dodd Act into law, which includes the FACS Act, meaning there will finally be a way for consumers to see their actual credit scores for free, instead of having to sign up for a monthly service or pay a fee to see it through a credit reporting bureau.
This doesn’t mean everyone who asks will get to see their score, however. Only those who have been denied anything based on their credit score, will then be allowed access to their score as well as a full credit report. Being adversely approved (i.e. you got what you wanted, but not the way you wanted it) for a loan of any kind will also net you a peek at your score.
Why this doesn’t mean free scores for all is kind of a mystery (after all, the more you’re educated on your credit, the better you’ll be able to handle it), but at least we’re now getting to see our scores with our reports for free, making things like credit repair just a little bit easier.
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