Magazine article American Banker

Schumer of N.Y. to Fight for Credit Score Access Bill

Magazine article American Banker

Schumer of N.Y. to Fight for Credit Score Access Bill

Article excerpt

Sen. Charles E. Schumer vowed a last-minute push Thursday for legislation he unveiled this week that would let consumers see their credit scores.

"I find it not only wrong, but somewhat sinister, that in the mortgage process lenders have access to all the decision-influencing information, and consumers are left in the dark," the New York Democrat said. He was testifying at a House Banking financial institutions subcommittee hearing on whether lenders should be forced to disclose the highly guarded data.

The Consumer Credit Score Disclosure Act, which Sen. Schumer introduced Monday, is modeled on legislation in California awaiting the governor's signature. Under Sen. Schumer's bill, lenders would have to provide customers with their credit scores and a summary of what the scores mean.

Also testifying were Rep. Chris Cannon, R-Utah, and Rep. Harold Ford Jr., D-Tenn., who have introduced similar bills that would provide for the disclosure of credit scores to consumers, but in slightly different ways.

Rep. Cannon said his bill would give consumers the right to view their credit scores and other information in their credit reports. Rep. Ford said his legislation would go further by also providing a free credit report to consumers once a year.

Rep. Sue Kelly, R-N.Y., backing the arguments of the credit bureaus and Fair, Isaac & Co., the designer of a commonly used credit-scoring model, urged lawmakers not to overburden lenders and credit bureaus. …

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