New Bill Would Mandate a Free Annual Credit Score

New Bill Would Mandate a Free Annual Credit Score

A new bill, the “Stop Errors in Credit Use and Reporting (SECURE) Act” was introduced Wednesday in the US Senate. The purpose is to reduce the problems and confusion consumer’s face when trying to find their credit score. Even though consumers can find their credit reports once a year at AnnualCreditReport.com, they have to pay to see the scores on the site.

The SECURE ACT will give “access to meaningful credit scores free of charge annually.” Being able to check credit regularly will allow consumers quicker access to finding costly errors and more time to correct these problems before they grow bigger.

Although some card-issuers (like Discover and Barclay) have already begun offering free FICO scores with their monthly statements; these don’t give the consumer a complete and accurate view of their credit. Often these services only provide one of the three scores used by bankers and loan officers to determine a borrower’s eligibility.

Meanwhile, the Consumer Financial Protection Bureau (CFPB), has been urging all card issuers to provide free credit scores.