Joyce Beatty Aims to Offer Free Credit Reports

Lots of online advertisements claim to offer a free credit report but, at some point, they ask for a credit card. Congresswoman Joyce Beatty (D-OH) wants everyone to be able to access their credit report for free, for real. She reintroduced the Free Credit Score Act last week, which would provide consumers free annual credit scores with their annual credit report and an explanation of how credit scores are calculated. "Our credit score affects nearly every aspect of our lives," Beatty said. "From getting a home or auto loan, to applying for a credit card or a line of credit, and even during a job search, an individual's credit score often makes all the difference in the world. Yet, many Americans do not know their credit score—this has to change." 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 free-of-charge. Included in this report, is an organized list of information in an individual's credit file. Despite providing consumers with all of the information that makes up their credit score, free annual reports do not actually include the consumer's credit score or an explanation on how the information in their report is used to calculate that score. "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.

This article was originally included in The Beat DC Newsletter on May 20, 2019.