U.S. Rep. Joyce Beatty (D-OH) is sponsoring a bill in the U.S. House of Representatives that would provide consumers with free annual credit scores with their annual credit report.
Under current law, the Fair Credit Reporting Act gives consumers the right to request their credit report on an annual basis from the three nationwide consumer credit reporting agencies for free. While this report provides consumers with all of the information that makes up their credit score, the free annual reports do not actually include the consumer’s credit score, Beatty said.
Beatty’s bill, the Free Credit Score Act of 2017, would remedy that.
“From getting a home or auto loan, to applying for a credit card or a line of credit, and even during a job search, our credit score affects nearly every aspect of our lives,” Beatty said. “Yet, many Americans do not know their credit score—this has to change.”
The Free Credit Score Act of 2017 has 20 cosponsors and is pending consideration by the House Committee on Financial Services.
“My straightforward bill will give consumers the opportunity to receive and review their credit score for free, on an annual basis, empowering them to make better, more informed financial decisions,” Beatty said.