This bill requires consumer reporting agencies to provide free credit scores or educational credit scores to consumers along with their annual free credit reports. The legislation mandates that credit score disclosures include at least four key factors that helped and hurt the consumer's score, specific actions to improve their score, the score's numerical range, and how their score compares to other consumers displayed in a graph. Credit reporting agencies must display prominent disclaimers on their websites and in marketing materials explaining that multiple credit scores exist, that educational credit scores differ from those used by lenders, and that different lenders use different scoring models. The bill also requires private educational lenders, auto lenders, and mortgage lenders to provide consumers with free copies of any consumer reports and credit scores they use for loan decisions before the consumer signs a loan agreement. The Consumer Financial Protection Bureau must issue final rules implementing these requirements within two years of the bill's enactment.
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