FINALLY- Scoring Disclosure Bill

Discussion in 'Credit Talk' started by roni, Sep 26, 2001.

  1. roni

    roni Well-Known Member

    Anyone have these senators email addys?? :)

    Thursday, August 16, 2001

    Bill Would Require Credit Score Disclosure

    Two Senate Banking Committee members are co-sponsoring a bill that requires mortgage lenders and credit reporting agencies to disclosure credit scores to mortgage applicants.

    Sponsored by Senators Charles Schumer, D-N.Y., and Wayne Allard, R- Colo., the Consumer Credit Score Disclosure Act is designed to provide consumers with the information they need to determine whether they qualify as prime or subprime borrowers.

    The sponsors are concerned that too many borrowers are routed into higher cost subprime loans when they could be eligible for "A" credit loans at lower prime interest rates.

    "This legislation will lift the veil of secrecy over credit scores and create greater opportunity for securing a home mortgage at considerably less expense," Sen. Schumer said.

    The two senators want to have a hearing on the credit score disclosure bill in September.

    "It is wrong for mortgage credit scores to be kept a secret from consumers. Consumers have a right to know their score and how they can improve their score," Sen. Allard said.

    The National Association of Realtors and the Consumers Union have endorsed the bill.

    Fair Isaac & Co. began releasing its credit scores online in March for a $12.95 fee and the company no longer bars lenders from releasing FICO scores to borrowers.

    "We think the industry has made major strides ... by providing credit scores to borrowers on demand," Fair Isaac consumer affairs manger Craig Watts said.

    Mr. Watts indicated that bill is "outdated" because lenders are free to share credit scores with consumers.

    An aide to Sen. Allard noted that voluntary disclosures by a few companies is not sufficient. And he said consumers should have recourse if a lender refuses to disclose a credit score.

    "We are pushing to have a hearing on it so that we can get in there and see what is going on," the aide said. (8/16)
  2. breeze

    breeze Well-Known Member

    Let me introduce you to Google.

    You can just type "google" into your browser's address bar. Google is very smart, and will usually figure out what you are looking for. I just typed in "write senator" - the first link in the search results gave me a list of all senators with their contact info.

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