Free Credit Reports
Free Credit Reports – People who are denied credit or a job because of their credit history may soon be able to get their credit score free of charge, thanks to an amendment passed by the Senate Monday evening.
The measure, part of the massive Wall Street reform bill being debated in the Senate, would expand an existing law that, in December 2003, gave consumers the right to one free credit report every year from each of the top three consumer reporting agencies — Equifax, Experian, and TransUnion.
The credit score is a numerical representation of the information in a consumer’s credit report, which covers a consumer’s entire credit history — all debts, payment habits, and jobs held. The credit score is widely used as a shortcut by lenders, so monitoring it is crucial.
But options for getting a credit score have been limited to many “for-fee” sites. Some have lured consumers in by offering a “free” score in return for signing up to a credit monitoring service that could cost $14.95 a month or more, if consumers don’t opt out before the end of the trial period.
Tags: Charge Thanks, Consumer Reporting Agencies, Consumers, Credit History, Credit Monitoring Service, Credit Score, Debts, Equifax, Experian, Free Credit Report, Free Credit Reports, Free People, Free Score, Lenders, Massive Wall, Numerical Representation, Payment Habits, Senate, Trial Period, Wall Street
Posted in Money
No Comments