Dodd-Frank Financial Reform Bill

Dodd-Frank Financial Reform Bill – For most people their credit report is the most important document that they will own. A credit report determines whether you can get a credit card.  Or a cash loan, buy or lease a car. Finding employment, getting insurance, buying cable television service. Even getting into a cell phone contract.

The Dodd-Frank financial reform bill empowers consumers with stronger regulations:

The Consumer Financial Protection Bureau that the Dodd-Frank financial reform bill created. Has the authority to conduct regular examinations of large credit bureaus. To evaluate their compliance with basic federal laws such as the Fair Credit Reporting Act.

Consumers have the right to get their credit scores for free if they are ever turned down. Or if they are charged a significantly higher price for credit than most other consumers because of their scores. This is on top of existing federal laws. Which allows consumers to obtain their detailed credit reports for free each year to check for inaccurate items. They are also offered their credit scores at a reasonable price.

The Consumer Financial Protection Bureau is required to perform studies. Then report to Congress on variations in the credit scores that are sold to creditors and to consumers. To determine whether such variations disadvantage consumers coming from the three large national consumer reporting agencies .

Your annual free credit report provides you with information that is in your credit file maintained by the consumer reporting companies. Which could be given in a report about you to a lender. A credit report lists the full detail on all your credit accounts. Your Annual Free Credit Report lists the full detail on all your credit accounts. It tracks your past payments on all your loans and credit cards. Your credit report is different than your credit score. Your credit score is a number that ranges from 300 to 850.

Dodd-Frank Financial Reform Bill

We now know that our credit report are so important to your financial future. Therefore the new Dodd-Frank financial reform bill will make a positive impact in your life.

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