Presently, it costs Massachusetts consumers about $15 to secure their credit score; credit reports, on the other hand, are free. However, yesterday the United States Senate passed an amendment to the big financial regulatory bill that would give consumers a free copy of their score whenever they were denied credit, denied the best interest rate or denied employment because of their credit score.
Experience from our own experience in bankruptcy is that those folks that pay attention to their credit score are more likely to work towards bettering their credit. The amendment was sponsored by Colorado Senator Mark Udall.
The amendment, which is part of the large and complex financial regulatory reform bill that is sweeping through Congress, is a step in the right direction for openness for consumers. Since auto and home loans, as well as credit card interest rates, rely so heavily on credit scores, the more information consumers have the better. In enables them to learn how the system works and to make educated decisions about their financial well being.