Free Credit Scores for Consumers Act of 2024

The Free Credit Scores for Consumers Act of 2024 requires consumer reporting agencies (like credit bureaus) to provide consumers with free credit scores and educational credit scores, along with detailed explanations of how scores are calculated and key factors affecting them. The bill mandates clear disclaimers explaining that consumers have multiple credit scores and that educational scores differ from those used by lenders, and expands circumstances under which consumers can access free scores (such as when disputing information or after identity theft). Lenders must provide consumers with copies of any credit reports and scores used in underwriting before signing loan agreements, with no cost to the consumer. This legislation aims to increase transparency about credit scoring systems and reduce consumer confusion about how credit scores work.