NORWALK, Conn. - A bill introduced by Sens. Charles Schumer, D-N.Y., and Wayne Allard, R-Colo., on July 25, which would force credit rating agencies to disclose credit reports to borrowers, is having an immediate effect.

Trilegiant Corp. said Monday that through PrivacyGuard, its credit monitoring program, it would now issue credit scores to borrowers whenever they request a credit report. And it connected this action to introduction of the Schumer-Allard bill.

The Consumer Credit Score Disclosure Act of 2001 is intended to help homebuyers obtain and understand their credit scores in order to help them make better decisions when borrowing. Freddie Mac says that one-third of all borrowers who resort to higher-rate subprime mortgages have credit scores that would qualify them for a lower interest rate - but they do not know this. This lack of information could, the company estimates, cost consumers $100 million annually.

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