COLUMBUS, GA (WTVM) - "The higher your credit score, the more credit worthy you are and the more favorable terms that you receive," explains Dr. Norman Godwin, C.P.A. and Auburn University Director of the School of Accountancy.
When it comes to credit scores, lower numbers mean higher interest.
Currently, consumers are entitled to a free copy of their credit report each year.
"You can get your credit report, but you cannot get your credit score without paying for it," adds Godwin.
The new Wall Street Reform and Consumer Protection Act changes that.
"What it does, is, it enables or gives the consumer the right to see their credit score if they are denied a loan, or if they are adversely affected," says Godwin.
In other cases, consumers will still have to pay to see their credit score.
"This bill could have given greater access to credit scores, it did not, but we have better access to our credit scores," Godwin says.
Advocates consider it a step closer to free scores all together.