SOURCE: CreditReport.com

CreditReport.com

May 24, 2010 07:00 ET

Media Advisory: CreditReport.com Comments on Bill That Would Require Certain Entities to Provide Consumers With Free Credit Scores

CALABASAS, CA--(Marketwire - May 24, 2010) -  On May 17, 2010 the Senate approved an amendment to the financial regulatory bill that would require certain entities to provide consumers with a copy of their credit score, if it was used to deny credit, required a higher interest rate on a loan, or prevented an applicant from being hired for a job.

Please attribute the statement below to Bruce Cornelius, chief marketing and revenue officer, CreditReport.com, Calabasas, Calif.

"CreditReport.com applauds lawmakers in Washington, DC for pushing forward legislation that would give consumers greater access and transparency to their credit information and credit scores. These steps are critical components to raising consumer financial literacy, extending consumer financial protections, and for providing consumers recourse when credit information has adversely affected them.

"It's unfortunate when credit information prevents consumers from attaining their goals; it's tragic if there was an opportunity for consumers to know their credit score before it caused them harm; and it's just plain wrong for a consumer not to have easy and free access to their credit score, if it was used in a decision to turn them down for credit or for an employment opportunity.

"Furthermore, we believe it's not enough in this day and age to look at a one-time snapshot of a credit score. Services that rapidly notify consumers of changes to their credit scores and tools to help them manage their credit information are readily available and economical. 

"In fact, a recent CreditReport.com study of 1,256 new subscribers during the first 90 days of membership revealed that the average user received six credit monitoring alerts; four notifications of changes to their scores; and five tradeline alerts (new account opened or update to outstanding balance status).

"The activity observed in the CreditReport.com study validates that there is a very dynamic nature to information in consumer credit files which, in turn, drives changes to credit scores. This level of credit activity confirms the need for knowing one's credit score, which is the first step toward the opportunity to improve it. The value is huge: even a one point change might be the difference of hundreds, possibly thousands of dollars saved or spent. Consumers should be able to derive the same benefits that lenders do by knowing their credit score, being alerted when it changes and knowing how to build and maintain a good score."

About CreditReport.com
Based in greater Los Angeles, CreditReport.com, which also operates CreditScore.com, is a leading provider of independent credit information to consumers, and specializes in the research, development and implementation of consumer-based services delivered securely via the Internet. More information can be found at www.CreditReport.com.

Contact Information

  • Contact:
    Tila Pacheco
    Madison Alexander Public Relations
    714.256.8452 (O)
    714.742.2698 (C)

    Dan Chmielewski
    Madison Alexander Public Relations
    714.832.8716 (O)
    949.231.2965 (C)