Free Credit Scores
A new law that is being considered would make all credit scores
available to their owners. Right now you can get one free credit
report a year so that you can check and see how your credit is
doing and that there isn’t anything on it that you have a
problem with. However, if you want to know your credit score so
that you can go for a house or a car loan, etc. you have to
either take your chances when you go for the loan, or you have
to pay a company to provide you with that information.
However, Mark Udall, a Democratic Senator from Colorado, thinks
that everyone should have access to their own credit score for
free. Udall believes that as they are our scores, no one should
make us pay for them. He has a new law that he has proposed
entitled the Fair Access to Credit Scores Act that would allow
you to see your credit score whenever you looked at your credit
report.
Udall says that the reports that people get now are very
detailed in every aspect of your life. They show where you have
lived, what accounts you have opened or closed, what your loan
history is, where you have worked, etc. – but they do not show
your credit score. This is the single thing that so many banks
rely on to make a decision about your financial future, and yet,
you can’t see it unless you pay for it. Udall wants to see that
changed.
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