Lutherans in Minnesota

LSS counseling service favors credit access information

Many consumers seeking credit now have a new option that allows them free access to their credit scores under new Federal Trade Commission rules that started July 21, 2011.

Under the new rules, creditors must send consumers a “credit score disclosure notice” every time that the consumer is denied credit or given less-than-favorable terms due to their credit score. “Consumers have heard so much about the importance of credit scores, but always have had to pay to see them,” according to Darryl Dahlheimer, program director at LSS Financial Counseling Service. “Now in addition to free credit reports, any person denied credit or given less favorable credit terms can see their credit score for free, too.”

“So, get your free score whenever you receive one of these disclosure notices!” emphasized Dahlheimer. “One word of warning,” Dahlheimer adds. “Ever since 2005 when free once-a-year credit reports became available, there have been many “imposter” sites which advertise as “free” but actually sign you up for costly credit monitoring contracts. The one official website to request your free reports is www.annualcreditreport.com.

LSS Financial Counseling Service helps over 20,000 people every year with free budget and debt counseling and monthly debt management plans. For appointments, call 1-888/577-2227.

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