Free credit score focus of Udall bill
A credit score can affect the rates or prices people see on products like insurance, home loans and credit cards.
However, consumers cannot currently get their credit scores without paying a price. A proposal from Colorado Democratic Senator Mark Udall would change that, allowing people a record of their score when they access their credit report.
“Right now, because consumers have to pay for that score through one of the credit-reporting agencies, many people don’t buy and therefore don’t know where their credit score stands,” Udall said.
The Fair Access to Credit Scores Act would amend the Fair Credit Reporting Act. As it stands, consumers can already get a free copy of their credit report from the bureaus once every year.
Credit scores have become even more important as financial companies try to mitigate risk. Having a lower credit score could mean that consumers aren’t able to get a home loan or credit card. Even if they are, they may find they are charged higher rates.
To maintain their credit scores, consumers should make sure they pay their bills on time and avoid high amounts of credit card debt.
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