Udall Fighting to Level Playing Field for Consumers, Introduces Bill to Guarantee Free Access to Credit Score

Udall: Credit Score is Critical to Buy Home or Car; Vital Information Should be Free

Washington, D.C. – April 26, 2010 – (RealEstateRama) — U.S. Senator Mark Udall continued his effort to level the playing field for consumers by introducing a bill that would provide consumers with free access to their credit scores.

The bipartisan Fair Access to Credit Scores Act of 2010 amends the current law, which allows annual access to a free credit report, but does not require credit reporting companies to provide free access to the most important information – a credit score. A credit score is the most important thing most banks and lenders consider when consumers apply for a home or car or other loan, yet consumers have to pay to get access to this vital information themselves. In fact, in some cases, consumers are led to believe they are signing up to get a free credit score, only to find out later that they signed up for a monthly monitoring service that can cost $200 a year or more.

“We have all seen the ads. We all know how important it is to monitor your credit report. In fact, there’s a catchy ad campaign telling you that your credit report is free. But something the ads don’t tell you – which a lot of Americans don’t know until it’s too late – is that you can’t get access to the most important part of your credit report – your score – unless you pay for it,” Senator Udall said.

“My bill is about putting the power back in the hands of the American consumer,” Senator Udall continued. “This information is vital to buy a house or to take out a loan. With so much riding on your credit score, we shouldn’t put up barriers to accessing it.”

Senator Udall’s bill is co-sponsored by Senators Richard Lugar, R-Ind.; Bob Menendez, D-N.J.; Joseph Lieberman, I-Conn.; Carl Levin, D-Mich.; Kay Hagan, D-N.C.; Scott Brown, R-Mass.; Amy Klobuchar, D-Minn.; Jeanne Shaheen, D-N.H.; and Tom Udall, D-N.M. It has also received the backing of the Consumer Federation of America and the Consumers Union, two of the nation’s largest consumer-advocacy groups, among others. Senator Udall hopes to include the bill as an amendment to Wall Street Accountability legislation, which will be debated in the Senate next week.

Senator Udall has worked since he was a member of the U.S. House of Representatives to level the playing field for consumers. Legislation he introduced to end unfair credit card practices became the basis for comprehensive credit card reform, which was signed into law and became effective beginning on February 22, 2010.