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Consumers who get bad news during an instant approval credit card application could get free copies of their credit scores, once the Federal Reserve begins enforcement of a new disclosure rule this spring. In a pair of proposals published to the Federal Reserve's website, the agency outlines the ideal template for the rejection letter a bank must supply a consumer after an unsuccessful application for a credit card, mortgage, or other personal loan.

Lenders already supply consumers with copies of the credit reports used to reject applications. The Dodd-Frank Act will require lenders to also supply applicants with their credit scores, if those scores were used in the decision. Under the 2003 Fair and Accurate Credit Transactions (FACT) Act, lenders must also supply consumers with credit information when they offer applicants a different deal due to a risk assessment.

For instance, a consumer seeking instant approval for a low introductory rate credit card might receive a higher interest rate and a lower credit limit due to a high credit score. Publication of the new proposals launched a 30-day period for public comment.