New credit notices only apply to certain loans

More consumers may feel the need to contact a credit repair attorney as a result of lenders sending out an increased amount of financial information this year.

Due to recent changes in federal regulations, major lenders are now required to provide consumers who are given lower rates than others with a copy of their credit report or credit score.

One of the regulations, which came into effect on January 1, only applies to risk-based pricing loans, Michigan news provider The Detroit Free Press reports. Despite the limited availability, the notifications will likely help many consumers find credit report errors that could leave them with a need to repair bad credit.

This is because by reviewing these documents, consumers may find incorrect information that may have harmed their credit scores and ability to apply for a loan.

By correctly identifying this information, consumers can then contact a credit repair company to help them dispute these claims. Once successfully removed, individuals may see better interest rates on new credit card offers, insurance policies and home loans in the future.