On the recordMay 4, 2010
I rise to speak about a bipartisan amendment, No. 3778, which Senator Lugar and I have filed based on our bill, the Fair Access to Credit Scores Act of 2010. This amendment has wide and growing support, both with consumer groups and legislators of all political persuasions. I thank Senators Bond, Brown of Massachusetts, Brown of Ohio, Hagan, Levin, Lieberman, McCaskill, and Shaheen who are also sponsors of this amendment. Our amendment takes a commonsense yet significant step toward putting consumers back in control of their finances by offering Americans annual access to their credit score when they access their free annual credit report. I wish to clarify, because this is important. A credit report tells consumers what outstanding credit accounts they have open, such as student loans, credit cards, even, perhaps, a car or a home loan. Unfortunately, it tells Americans little else. One's credit score, on the other hand, which our legislation makes available, has the critical information consumers need to know. A credit score affects consumer interest rates, monthly payments on home loans, and could be the difference between whether a child is able to afford college. Credit scores even affect the consumer's ability to buy a car, rent an apartment, and get a phone or even Internet service.
