(NEW YORK) -- Beginning this week, a new law will give consumers more information about their credit scores when they need it most -- while seeking to take out a loan.
Your credit score can make a huge difference when you apply for a loan, with better scores guaranteeing you cheaper rates on mortgages or car loans.
As John Ulzheimer of SmartCredit.com says, consumers have a right to know what their score is when borrowing money. And now, thanks to the Fair Access to Credit Scores Act, consumers will be told what their scores are when they apply for several types of loans.
"We're talking about any loan that is underwritten with a credit score," Ulzheimer says.
"You're going to have consumers now who are going to see their actual legitimate score who've never seen it before and for some of them it's going to be the equivalent of shock therapy," he adds.
Why "shock therapy?" You need a score of at least 750 to get the best rates, and many consumers have no idea where they rank.
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