On May 17, 2010 the Senate approved an amendment to the financial regulatory bill that would require certain entities to provide consumers with a copy of their credit score, if it was used to deny credit, required a higher interest rate on a loan, or prevented an applicant from being hired for a job.
Pushing this legislation forward will give consumers greater access and transparency to their credit information and credit scores. CreditReport.com applauds lawmakers in Washington DC for taking critical steps in raising consumer financial literacy, extending consumer financial protections and for providing consumers recourse when credit information has adversely affected them.
We find it disheartening that people don’t know that they can obtain their credit reports and credit scores with ease. No consumer wants to be surprised with a bad report when they apply for a loan, or even a job. The senate finance bill is a wonderful thing because it provides those in need of their score at the time of denial. It is especially tragic that many consumers don’t know that they have an opportunity to obtain their score before it causes personal financial hardship.
Since credit scores control many important decisions surrounding various life events we hold the opinion that it’s not enough in this day and age to look at a one-time snapshot. Instead consider the benefit of services that send instant notifications when there is a change to either the information in the credit report or the actual credit score. These tools are designed to help people manage their credit information, and are readily available and economical. In an industry historically dominated by lenders, this gives consumers the same powers to keep on top of their credit score.