Free Credit FICO Score Law Passed By The Senate!
People who are denied credit or a job because of their credit report history may soon be able to get their credit report FICO score free of charge, thanks to an amendment passed by the Senate Monday evening!
The measure, was a part of the massive Wall Street reform bill being debated in the Senate, would expand an existing law that was passed 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 Trans Union.
The credit FICO score, called fair Isaac, has not been made available for free. It is a numerical representation and calculations of the information in a consumer's credit report, which covers a consumer's entire credit report history all debts, payment habits, and jobs held. The credit FICO score is widely used as a shortcut by lenders, to view consumers credit report history, and to approve or disapprove any consumers credit request!
A recent survey from the National Foundation for Credit Counseling found that some 65% of adults have not checked their reports in the past year. And nearly one-third of adults don't know their credit report FICO score.
Your credit FICO score is used to determine far more than the cost of borrowing money. It's ultimately to access the credit risk of the borrowers!
This is just FYI!
Thanks.
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