Congresswoman Beatty’s Credit Score Bill Passes Committee
WASHINGTON D.C.— On July 11th, the House Financial Services Committee passed U.S. Congresswoman Joyce Beatty’s (OH-03) bill, the Free Credit Scores for Consumers Act of 2019, H.R. 3618. If enacted, the bill would provide consumers free annual credit scores with their annual credit report along with an explanation of how credit scores are calculated.
“Your credit score goes a long way in determining your ability to purchase a car, afford a home mortgage, open a credit card, secure a loan, and even apply for a job. However, many young adults and hardworking American families do not know what their score is or how it is calculated,” Beatty emphasized. “This has serious ramifications on their personal, professional, and financial futures. My bill will ensure every American can obtain their credit score and be better equipped to make informed financial decisions that can help them and their families keep more of their money.”
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. 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.
The Free Credit Scores for Consumers Act is now awaiting a full vote by the U.S. House of Representatives.