Consumers would have free access to their credit score if they are denied credit or a job because of bad credit, under new legislation pushed yesterday by U.S. Sen. Mark Udall.
Attached to legislation that would overhaul the nation’s financial industry, Udall’s amendment would strengthen a similar law passed in 2003 that gave consumers access to one free credit report every year from the nation’s top three consumer reporting agencies Ń Equifax, Experian and TransUnion.
If a consumer is denied a loan or purchase, receives a higher interest rate on a loan or unfavorable terms on a credit card, or is not hired for a job because of bad credit, they would be automatically given disclosure of their credit score free of charge.
“For too long, consumers have been at a disadvantage because banks and lenders use these credit scores against them while they have no idea what their actual score is,” Udall said in a statement. “A person’s credit score affects the terms of home loans, their ability to purchase a car, rent an apartment or get basic utilities. It’s simply not fair for lenders to have access to a consumer’s all-important credit score without the consumer being given free access to it.”
A person’s credit score is used to determine borrowing money, being given a job and auto insurance premiums, to name a few. Consumers have access to their credit reports, but not their scores. A credit report only gives a consumer’s history of credit applications, purchases and payments, but not the score.
Udall believes his amendment would help level the playing field for consumers and give them more control over their financial well-being.
“My common-sense amendment will help restore some fairness to hardworking Americans who want every opportunity to improve their financial futures,” said Udall
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Tuesday 18 May 2010
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