Free credit score law stuck in Senate committee
There’s a small but important piece of legislation languishing in the U.S. Senate right now. It’s called the Fair Access to Credit Scores Act of 2010 (S. 3247), and you might want to encourage your senators to support it. The bill has been referred to committee, and that’s where most bills die.
You probably know about your right to a free credit report once a year. (You can get them from AnnualCreditReport.com, not the highly advertised and misleading FreeCreditReport.com.) But to date, these free credit reports do not contain the single piece of information most of us want — our credit score. To get that, you still have to pay a fee. The pending legislation requires you be given your score for free.
The bill has bipartisan support, for whatever that’s worth these days, and maybe — just maybe — it will become law. We should never have had to pay for our own credit info in the first place. Particularly not when so many others — loan officers, employers, credit card companies — have access to it and judge us accordingly.
It would be nice to see lawmakers prove they’re capable of doing what they’re paid to do — work for the benefit of the people who elect them. Talk’s cheap. It’s not enough just to coauthor or sponsor a bill. They need to pass it. Tell ’em what you think!