New Legislation Aims To Ensure Accurate Credit Reports, Provide Free Credit Scores
By April 9, 2014
Even a small inaccuracy on a consumer’s credit report can have long-lasting negative affects. From the most simple computer error to mixing up individual’s data, credit reporting agencies have been known to be hard to work with when trying to fix incorrect data. But that could all change under legislation introduced today that aims to ensure issues like these don’t happen.
Today, Senators Brian Schatz of Hawaii and Sherrod Brown of Ohio introduced the Stop Errors in
Credit Use and Reporting (SECURE) Act of 2014, which would require credit bureaus to follow tighter rules for ensuring credit reports are accurate and give consumers free access to reliable credit scores each year.
Credit reports and credit scores are often used by bankers, lenders, and others to determine a consumers’ creditworthiness and the rates they will pay for services. Today, the scores and reports are even used to determine a consumer’s employability.
A Federal Trade Commission study found that nearly one in five, or 40 million consumers, have had an error on one of their credit reports. Of those, nearly 5% or 10 million consumers had errors that would likely lead them to paying more for interest on a loan.
Read more here.
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