This article on a bill winding way through Congress to ensure a total credit report. You may have heard about the over 40% of credit reports that have issues noted that many people may not even be aware are on their credit report. The borrower usually finds out when looking to buy furniture, house or car.
Read and be aware!
|CRUNCHING THE NUMBERS: WHAT'S THE SCORE?|
Topic Summary: Consumer Groups and Congress are advocating for consumers to receive a
On March 6, Senator Bernie Sanders from Vermont and Representative Steve Cohen (TN) introduced legislation in theHouse and Senate, called the Fair Access to Credit Scores Act. If passed the Act would that require credit reporting bureaus provide consumers with a free credit score. There are several companies out there that will provide you a credit score for a fee or with some sort of annual membership. There is much confusion in the credit reporting industry due to the different types of credit scores that are available for credit grantors to use. So if given a credit score, a consumer could not be 100% assured that it is the same one that a credit card company would have or a mortgage company would use.
Recently, the Consumer Finance Protection Board released a study HERE that indicated major discrepancies are possible when consumers are given one score and a credit grantor has another they use to determine credit worthiness. In up to 24% of the cases, the agency found, a consumer might see a score that was one tier off from what a lender would see. That means a consumer could see a score in the "excellent" range of 740-plus, while a lender saw only a "good" score in the 680-740 range, or vice versa. In as many as 3% of cases, the scores varied wildly. Be aware of this confusion when seeking credit.
Let's hope Congress clears up this mess.
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