Free look at credit score if denied loan or job under Senate plan

credit score accessIt's a frustrating situation: You can check out your credit report for free (at annualcreditreport.com), but that resource doesn't give you the one piece of information that's arguably the most important part of the equation: your actual credit score.

Your credit score is vital for everything from getting the best rate on your mortgage to sometimes even getting a job, so not having access to it -- even if you can see your credit report -- deprives you of a very important piece of information for your financial future.

A new amendment to the financial reform bill making its way through Congress would change that. Proposed by Sen. Mark Udall (D-Co.) and voted on by the Senate, the amendment would require you to receive your credit score if you were denied a loan or a job as a result of it. Currently, as the New York Times points out, it could run you close to $50 to obtain your score from each of the three credit bureaus.

"The credit score piece is important because when you get your credit report, it's a pretty limited thing you're getting," David Arkush, director of Congress Watch division for advocacy group Public Citizen, told Walletpop.

Ideally, Americans will get the most benefit from seeing their credit report and their score together, so they can figure out how their actions impact the number. "If people can find out their scores, they can figure out more about the implications of the things that are on the report," Arkush says.

Unfortunately, unless you lose out on a loan or a job, you'd still have to fork over to get that number from the bureaus. "The next step should be that every consumer gets access annually to the real credit score for free, just as everyone can get free annual credit reports now," Jean Ann Fox, director of financial services for the Consumer Federation of America, tells Walletpop.

Until that discrepancy is rectified, we've been using the site creditkarma.com. You do have to enter your Social Security number (although the site says they just use it to process your request and doesn't store it anywhere), and they do pitch the option to receive marketing solicitations from their various business partners, but it is a free credit score. (And we just chose "no" when asked if we wanted to receive ads, and we're happy to report that there's no spam in our inbox so far.)

If Udall's proposal sounds like a good idea to you, let your local elected officials know that you support it. This amendment is still in jeopardy of being cut out as Congress hashes out the final details of financial reform legislation, so if you want access to your credit score, speak up.

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Dereck

Do yourself a "HUGE FAVOR" and carefully read this:

The 21st Century Act: Final Amendments to Regulation CC Section:
"Prohibits" reimbursement of Credit, Loan, and Finance Balances to a "Bank Entity" leaving only "Nonbank Consumers" able to receive reimbursement, as specified on Pages 85 and 86.

The 21st Century Act states on pg. 85 and 86 that "Only Nonbank Consumers can suffer losses and File for
Re-credit or Re-claim on any Accounts under the Federal Reserve System" also “Any Second or Third Party Presenters utilizing a Banks Documentation, Contracts and/or Agreements to seek Claims shall be considered to be that Bank under the Rules and Regulations”, the Expanded Definitions also includes Credit Cards and Home Equity Lines of Credit.
Also on Pages 100 and 101 "In any Financial Claims the Indemifying Bank (Parent Bank) must be Identified".

(Left-Click to Search Link)
21st Century Act: Final Amendments to Regulation CC http://www.federalreserve.gov/boarddocs/press/bcreg/2004/20040726/attachment.pdf

This Federal Law signed January 1, 2006 makes it "Fraudulent" and therefore "Illegal" for the 3 Major Personal Credit Reporting Agencies: Equifax, Experian, and TrasUnion to allow the Banks and the Banks "Third Party Presenters" to place any claim of "Negative" or "Potentially Negative" Accounts on your Personal Credit Based upon the fact that they have no "Legal Grounds or Claim" to the Money.

This is an "Unfair Practice" that diminishes our Financial ability to support ourselves and adversely affects our ability to gain work in many areas which breaks "Antitrust Laws".

These Rules also back claims of: "Aiding and Abetting" Racketeering and Extortion (of Finance Accounts and Personal Credit Reports), Pandering (of Credit and Loan Accounts, and Conspiracy to wit), Theft, Fraud, Federal Mail Fraud, and Telephone Harassment. Also "Threatening of the U.S. Financial Infrastructure", which is a "Capital Crime".

In order to engage the Federal Trade Commission to act against this injustice we must File many Claims, as these Reports must be Filed by a large number of people in order for the Federal Trade Commission to pursue
"Legal Action".

(Left -Click to engage Email Address)

antitrust@ftc.gov

This is way easier than "Occupying Wall Street"!

March 11 2012 at 5:03 PM Report abuse rate up rate down Reply
Carol

While I was looking for a credit report site, my firend told me about a site, that offer:

- 100% Free 3 in 1 Credit Report
- Credit Monitoring
- Fraud Protection

All in one...

I tried it and I'm so satisfied with them.I just wanted to recommend you that site:

---www.CreditReportFrees.info---

January 12 2012 at 5:31 AM Report abuse rate up rate down Reply