debtconsolidationconnection.com
501 (c)(3) non-profit Organization
Free Consultation
Credit score amendment could give consumers free access
By Edith Barlow on May 19th, 2010
When searching for applying for products, some consumers may find they are denied because of their past credit mistakes.
These errors in judgment are reflected in a person's credit report along with their credit score. And while people have free access to the former, they have to pay to get a copy of the latter.
However, a new amendment to financial regulations being considered by the U.S. Senate will give some people access to their credit score. Through the change, which was approved by legislators, consumers would gain free access to this number if they are denied access to home loans or are presented with credit card terms that are not favorable.
Colorado Senator Mark Udall crafted the change to financial reforms and said that it isn't fair for lending institutions to have easy access to consumers' credit scores.
"My common-sense amendment will help restore some fairness to hardworking Americans who want every opportunity to improve their financial futures," Udall said.
A number of things can lead to a lower credit score, including having high amounts of debt relative to credit lines or not paying bills on time. Consumers who are having problem paying off what they owe may consider debt consolidation, which can lead to lower interest rates on credit card accounts.
More Debt Consolidation News
