Some consumers incorrectly expect that they'll get their credit scores when obtaining their free annual credit reports at annualcreditreport.com, according to Liz Weston, author of "Your Credit Score." Consumers can receive free copies from each of the nationwide credit bureaus, Equifax Inc., Experian Plc and TransUnion Corp., once every 12 months.
Not Free
"People assume their credit scores are free because they get free annual access to their credit reports, and they don't understand the difference between the two," she said. A credit report contains information such as borrowers' addresses, public records and payment history.
Consumers who aren't entitled to free credit scores under the rule will have to pay $19.95 on myFICO.com for a FICO credit score and report.
Giving some consumers free credit scores is "a step in the right direction" toward transparency in consumer finance, said Udall, the Colorado senator.
"We already require that consumers be provided a free annual credit report," he said. "I think we ought to go all the way and allow consumers to access their credit scores for free as well."