A critical number (Sen. Mark Udall)

A credit score, on the other hand, is the critical piece of
information that impacts interest rates, monthly payments on credit cards and
other loans. It can be the difference between whether a child can afford
college – or whether a potential homeowner can get a mortgage. And
it can even affect a consumer’s ability to buy a car, rent an apartment
or get phone or Internet service. 

Everyone has seen the frequent television commercials or Internet
ads, which incorrectly lead viewers to believe the free annual credit report
required under law includes a credit score. In reality, consumers
have to jump through hoops and ultimately pay for a score or subscribe to a
credit monitoring service that can cost nearly $200 a year.  Banks and
lenders can easily obtain these scores, while the consumer themselves seem to
be the only ones who do not have easy access to it. 

In the most troubling cases, consumers often believe they
are signing up to get a free credit score, only to find out later they
unwittingly signed up for this costly monthly monitoring service. Put
simply, our bill accomplishes what the television commercials and their fine
print caveats have deceptively claimed to offer for years – a free credit
score.

If we want to empower Americans to help shape our
financial future, we have to start with a dose of transparency. While free
access to a consumer’s credit score is only a small part of the larger
reforms that are needed, it addresses one of the fundamental inequities that
pervade the current financial system. 

When so much is at stake, this legislation is a small
step that will help restore balance and put Americans back in control of their
financial health. My hope is that as this chamber considers the Wall
Street accountability bill, we will consider adding this legislation as an
amendment – to restore an even greater dose of fairness to consumers in
Colorado and all around the nation.