SUMMARY
This Idea Brief proposes empowering consumers by giving them the right to obtain one free yearly credit score with data from each of the credit bureaus.
A credit score can make or break a consumer’s financial future. Having a good credit score can mean better interest rates on mortgages, bank loans and credit cards, smaller deposits for rent or utilities and even lower insurance premiums. However bad score can cost a borrower thousands of dollars over the life of a loan, or deny them access to credit entirely. As important as credit scores are, they’re still a mystery to most Americans. Giving consumers access to one free credit score per year can help to make the black box of credit scores more transparent.
