Credit Score Amendment Gives Consumers Knowledge They Need for Free
UPDATE: Sen. Udall's amendment providing access to free credit scores was signed into law on July, 21st 2010.
This week, as the Senate considered financial reform, it passed a bipartisan amendment I offered which will allow consumers free access to their credit score if their score negatively affects them in a financial transaction or a hiring decision. A credit score is a crucial factor in financial well being, and consumers deserve to know where they stand. This amendment contributes to our country's overall financial reform and economic recovery because consumers who know their credit score can make smarter choices about their finances.
A credit score is a vital sign of a consumer's financial health. It determines whether or not a person can obtain a loan, get a good interest rate on a credit card, make important purchases, or even get a job. A credit score is a grade that determines how a person is judged by potential creditors and employers. My amendment will allow those who are negatively affected by their credit score to see it for free. That way they can take the right steps to improve their overall financial situation.
This is a bipartisan amendment, cosponsored by Republicans, Democrats, and an Independent. It's also supported by our country's largest pro-consumer groups. That's because it's a timely and commonsense solution to an important issue for many Americans. I'm proud that there are so many who support this important reform.