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WASHINGTON – July 21, 2011 – Your credit score determines the interest rate you pay for a credit card, car loan, private student loan or a home mortgage. A low score could prevent you from getting a loan at all. But for years, this important number has been a mystery to most consumers.

Starting today, that will change.

A provision of the Dodd-Frank financial reform law that takes effect today requires lenders to provide consumers with a free credit score whenever:

• They reject an application for a loan. In that case, lenders will be required to provide consumers with an “adverse action” notice that includes their credit score and explains why they were turned down.