Proposed Senate Bill Mandates Free Annual Credit Scores
BIRMINGHAM, Ala., April 16, 2014 /PRNewswire-iReach/ -- A proposed bill in the United States Senate would mandate all consumers have access to free annual credit scores.
The Stop Errors in Credit Use and Reporting (SECURE) Act is designed to reduce the problems consumers experience through errors in their scores.
Bill S.2224 is sponsored by Senators Brian Schatz (D-Hawai'i), Sherrod Brown (D-Ohio), Bernie Sanders (I-Vt.), Elizabeth Warren (D-Mass.) and Richard Blumenthal (D-Conn.). It gives consumers "access to meaningful credit scores free of charge annually."
This is similar to the service currently offered through AnnualCreditReport.com, where consumers can see their credit reports from all three credit bureaus for free once a year. However, consumers must pay to see their credit scores on this site. That would change under the SECURE Act.
"In today's economy, it is critical that consumers have access to a safe and reliable way of checking their credit reports and scores," said Senator Brown.
Providing this information will help consumers keep better track of their credit and correct issues before a problem grows. Credit report errors can lower consumers' credit scores and lead to higher interest rates.
Pamela Banks from Consumers Union praised the bill, stating, "The SECURE Act provides a good framework for holding credit reporting agencies and creditors accountable for making sure credit reports are fair and accurate. Giving consumers free access to their credit score will help consumers know where they stand with lenders and others when it comes to their credit record."
Several credit card issuers are currently showing cardholders their FICO credit scores on their monthly statements: Discover, First Bankcard and Barclay. The Consumer Financial Protection Bureau is urging all issuers to provide free credit scores.
LowCards.com simplifies the confusion of shopping for credit cards. It is a free, independent website that helps consumers easily compare credit cards in a variety of categories such as lowest rates, rewards, rebates, balance transfers and lowest introductory rates. It also gives an unbiased ranking and review for each card. The LowCards.com Complete Credit Card Index is the most objective and comprehensive resource on the Internet which allows consumers to compare rates for over 1000 credit cards offered in this country. Created by Hampton & Associates, the company has been analyzing the credit card industry and supplying objective websites on various consumer expenses for 14 years.
For more information, contact Bill Hardekopf at 1-800-388-1910 or billh@LowCards.com. Follow our tweets: @lowcards
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