Re: I Wish you could bribe Experian and the gang
11-03-2012 03:08 PM
As a bit of history, it is only fairly recent that consumers even obtained the right to receive a copy of their own credit report.
Businesses that produce credit reports are commercial businesses who sell products. It is rare for congress to prescribe who a business must sell their products to, let alone to make their product free once a year. They chose to limit that requirement only to credit reports, not scores.
Credit scores were not created for consumers, they were created for creditors and businesses to assist in their business decisions. They are not consumer property that must be provided at consumer request.
In enacting legislation, congress carefully and intentionally limited requirement to extend their prescription to credit scores.
Section 609(a)(1) provides the consumer the right to obtain any information in their credit file by formal request to the CRA, subject to providing proof of their identity and payment of a fee to the CRA.
Section 609(a)(1)(B) specifically clarifies that this right does not extend to requiring a CRA to disclose to a consumer any information "concerning credit scores or any other risk scores or predictors relating to the consumer."
Disclosure of credit scores is, under FCRA 609(g), imposed on certain mortgage lendors if they use a score in their decision-maling. They must discose to the consumer any score they procured from a CRA that was used in connection with a loan application, as well as the key factors they used from that score. That requirement is upon the lendor, not the CRA.
Good points Robert. When I said you have a right to the information, I should have been clearer that you have a statutory right to the information. Which, in my opinion, is as it should be. If CRAs are sending out what purports to be factual informtion about you, you should have a right to check it for accuracy. I've never looked into the history behind the act, but it would seem like inaccuracies in credit reports would basically be libel.
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