Beatty Free Credit Score Bill Included in House-Passed Legislation

WASHINGTON, D.C.—Yesterday, the U.S. House of Representatives voted in support of the Comprehensive Credit Reporting Enhancement, Disclosure, Innovation, and Transparency (CREDIT) Act of 2020, H.R. 3621, a bill that modernizes the credit reporting system to empower consumers to take greater control of their data and requires consumer reporting agencies to improve the accuracy and oversight of credit reports. Included in H.R. 3621 was a bill introduced by U.S. Congresswoman Joyce Beatty (OH-03), the Free Credit Scores for Consumers Act, H.R. 3618, that will guarantee consumers free access to their credit score.

"From getting a home or auto loan, to applying for a credit card or line of credit, and even during a job search, our credit score affects nearly every aspect of our lives. Yet, too many Americans do not know their credit score or how it is calculated," Beatty said from the House floor. "My straightforward bill allows consumers a one-stop shop to get their credit scores directly from the three national credit reporting agencies—no strings attached."

Currently, consumers are entitled to a free annual credit report but not their credit score. Yet, many consumers believe they can receive their credit score for ‘free' from a variety of popular products advertised on television, radio, and online. However, these products sell their consumers' information to third parties who in turn market additional financial products to consumers.

The Comprehensive CREDIT Act is awaiting further consideration in the U.S. Senate.

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