Editor’s note: This is a transcript of the audio file.

Have you been denied credit recently? If so, you probably received a credit score disclosure, thanks to new federal rules that went into effect July 21. I’m Kristin Arnold with your Bankrate.com Personal Finance Minute.

Now creditors must provide consumers with their credit score and other information related to the score if they are denied or receive less-than-the-best terms available on new or existing accounts. Barry Paperno, consumer affairs manager at myFICO.com, explains how the disclosure will help educate consumers about their credit scores.

“Admittedly, being denied credit is not what you want. Now when you are denied, you will be given the score that was used in the lending process — you also get the score range for that particular model, you get up to five factors that have the most negative impact on your score, you get the date the score was calculated and the company that provided the score. So there’s some good information there.”

To read more on the credit card disclosure read, log onto Bankrate.com. I’m Kristin Arnold.