Tsongas’ Amendment Seeks Level Playing Field
December 15th, 2009
It’s been ten months since I first wrote about Experian ending it’s partnership with Fair Isaac. Since then, consumers have been unable to purchase their FICO scores based on Experian’s data, while lenders’ access to the scores has remain unchanged.
The fact that individuals can only purchase two of their FICO credit scores while lenders can still access all three has not only outraged consumers across the country, but also many consumer advocacy groups and representatives in Congress. If any credit bureau wants to sell their credit scores to lenders, consumers should have the ability to purchase those same scores too. It’s only fair, right? There needs to be a level playing field between consumers and creditors.
In response to Experian’s actions and a lot of consumer complaints, Congresswoman Niki Tsongas of Massachusetts penned an amendment to the Wall Street Reform and Consumer Protection Act that would require all credit bureaus, including Experian, to provide consumers with their FICO credit scores for a fee. That’s “fee”, not “free”.
Tsongas’ amendment was passed on December 11th as the major financial reform package made it’s way through the House and forged ahead to the Senate. If signed into law, those of you experiencing Experian-FICO score withdraw, will be able to pay up again to sneak a peak at how potential lenders’ might asses your credit risk.
Posted By: Joshua Heckathorn | Category: Credit News, Credit Scores | Comments (0)
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