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Adverse Action Free Credit Score Amendment

If you are denied something because of your credit history (known as an adverse action), whether it’s a credit card, line of credit, or a job (or anything else), you will receive a letter that explains why you were denied. You will also be able to get a copy of the credit report used to reach that decision along with the applicable FICO risk factor reasons [3]. This copy is outside the one you can get for free every twelve months because of the Fair Credit Reporting Act [4].

Earlier this week, the Senate passed an amendment that would expand your rights after you’re denied credit. It’s part of the Wall Street reform bill and it would expand the free credit report to include a free credit score as well. It was an amendment (S. 3247 Fair Access to Credit Scores Act of 2010 [5]) offered by Senator Udall (D-CO) and it was passed [6] earlier this week. (from a procedural standpoint, he introduced S. 3247 and it was rolled into the larger Wall Street reform bill)

End result? If the reform bill passes, you will be given access to your credit score in the event of an adverse action such as a denial of credit or rejection of employment.

All I can say is – what took so long? What do you think?

(Photo: thetruthabout [7])