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Found this rather interesting (and exciting really). Found on the Forbesdotcom site this evening (topic title is the tile of the article).
Several Senators are proposing a bill that would mandate all consumers have access to free annual credit scores. The Stop Errors in Credit Use and Reporting (SECURE) Act is attempting to reduce the problems consumers experience through errors in their scores. Currently, consumers can see their credit reports from all three credit bureaus for free once a year through AnnualCreditReport.com. But they have to pay to see their credit scores on this site. That would change under the SECURE Act.
I sure hope so! Thanks for sharing.
Here's a link to the bill:
https://www.govtrack.us/congress/bills/113/s2224/text
Ok, but I see this as worthless. There are many different scoring models. If they mandate one that is not used by lenders, it is going to cause even more confusion.
Very high likelihood of the bill passing.
@Shogun wrote:Ok, but I see this as worthless. There are many different scoring models. If they mandate one that is not used by lenders, it is going to cause even more confusion.
Very good point. I was thinking more along the lines of FICO, but as you said, they really can't mandate scores from one provider and not another. What I can see is mandating a credit score used by the 3 bureaus, aka FAKOs, which are not that useful. I think EQ already provides one on the annual report anyway.
@Shogun wrote:Ok, but I see this as worthless. There are many different scoring models. If they mandate one that is not used by lenders, it is going to cause even more confusion.
I agree with Shogun. We always tell people not to pay attention to the FAKO scores as they are not accurate. All this would do is confuse people as FAKOs are generally way off. It is a great concept, but worthless.
@azguy13 wrote:
@Shogun wrote:Ok, but I see this as worthless. There are many different scoring models. If they mandate one that is not used by lenders, it is going to cause even more confusion.
I agree with Shogun. We always tell people not to pay attention to the FAKO scores as they are not accurate. All this would do is confuse people as FAKOs are generally way off. It is a great concept, but worthless.
FICO alone sells (or will sell with the new model release) on the order of 55 different scores between the baseline and the various industry options.
If they mandate that the scores must be identical to the model used on the GSE specified tri-merge pull used in mortgages, then this bill has value. If it's anything else, it has no value whatsoever to me and the vast majority of consumers in my estimation.
Maybe they should work on laws to reduce the insane number of different scores
@avggoal700 wrote:Maybe they should work on laws to reduce the insane number of different scores
Agree.