Consumer access to their own information4 of 9Few things are more frustrating than a bank or credit card company having information on you that you have to pay to see, or worse, aren't allowed to see at all. The legislation takes steps to ensure that consumers have the power to access these financial reports free of charge:Transaction history. If you've done business with a financial institution and it has a record of it, the company must furnish it to you in a usable electronic form.Credit score. In the past, the Fair Credit Reporting Act required credit bureaus to give you a free copy of your credit report annually. The Consumer Financial Protection Bureau pushes things a step further. A creditor that takes an adverse action such as increasing interest rates because of a change in your credit score will have to provide that score to the consumer free of charge.Costs, charges and fees. The bureau will make sure banks and credit card companies give you a clear breakdown of any fees they've tacked on to your debts.The act also gives the bureau the authority to make sure banks respond to consumer requests for their information in a "timely manner." Related Articles:Financial meltdownThe Fed's policy toolboxMeltdown: credit cardsHow safe is your bank?Related Links:Financial regulationFinancial regulation and auto loansSafe places for your cash5 financial mistakes advertisement
Few things are more frustrating than a bank or credit card company having information on you that you have to pay to see, or worse, aren't allowed to see at all. The legislation takes steps to ensure that consumers have the power to access these financial reports free of charge:
Transaction history. If you've done business with a financial institution and it has a record of it, the company must furnish it to you in a usable electronic form.
Credit score. In the past, the Fair Credit Reporting Act required credit bureaus to give you a free copy of your credit report annually. The Consumer Financial Protection Bureau pushes things a step further. A creditor that takes an adverse action such as increasing interest rates because of a change in your credit score will have to provide that score to the consumer free of charge.
Costs, charges and fees. The bureau will make sure banks and credit card companies give you a clear breakdown of any fees they've tacked on to your debts.
The act also gives the bureau the authority to make sure banks respond to consumer requests for their information in a "timely manner."
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.