Rep. Cohen Introduces Bill to Give Consumers Free Credit Scores
Congressman
"A good credit score means better interest rates on mortgages, bank loans and credit cards, smaller deposits for rent or utilities and even lower insurance premiums," said
Last week, the
The Wall Street Reform and Consumer Protection Act passed in 2010 included a provision that provides consumers who have been turned down for credit, or who received a higher interest rate on a loan or unfavorable terms on a credit card, an automatic free copy of their credit score. This bill would expand upon that provision to provide all consumers with an annual credit score to complement their free annual credit report.
Also, this measure would ensure that the free annual credit score received by consumers is a reliable score actually used by lenders, rather than an "informational score" of unknown reliability. It would give consumers access to all scores generated in the previous year and stored in their credit files - information that lenders have accessed about the consumer's individual creditworthiness - instead of consumers seeing only those scores that resulted in "adverse actions," as provided by current law.
The legislation would strengthen prohibitions against deceptive marketing of free or low-cost credit reports and credit scores. It would also standardize credit report disclosure formats for easy comparison when consumers order their free annual credit reports.
Last year,
The bill is cosponsored by Reps.
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