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Friday, February 19, 2010

New Bill to Require Free Credit Scores if Passed

Way to go U.S. Representative Steve Cohen, a Democrat from Memphis, TN.  Even though I've never met him, I feel like I know Representative Cohen, since I live and grew up just an hour or so south of Memphis and our local TV stations all come out of Memphis.  Cohen was a TN state representative but is now a freshman U.S. Representative, having won Harold Ford's old spot after he left it to unsuccessfully run for the U.S. Sentate.

Cohen has introduced H.R. 4538, a bill which would amend the FCRA to require that the credit bureaus provide consumers with their credit scores for free with their annual free credit reports.  As I have reported on many times previously, every consumer is entitled to one free credit report from each of the three main credit bureaus (Equifax, Experian and Trans Union) each year.  To get that report, consumers must use the website http://www.annualcreditreport.com/ or submit the request form via mail that can be found on that site as well as at my firm's website http://www.merkel-cocke.com/.

The primary problem with the free credit report is that it did not include your credit score.  For a consumer to get their all important credit score, the consumer must pay extra (usually around $5) directly to the credit bureau.  While the credit scores sold by the credit bureaus are not your true credit score, they are still good barometers for what your real credit score is.

Cohen's bill, if passed, would eliminate this problem with http://www.annualcreditreport.com/ and help consumers everywhere.  Mr. Cohen, if you read this, please know I congratulate you on a very good bill and offer any help I might provide through my nationwide contacts to help get the bill passed.  I know practically every attorney nationwide that handles FCRA litigation on a regular basis and would be happy to help drum up support for your bill.

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