WASHINGTON - Rep. Chris Cannon, R-Utah, urged his colleagues this week to support legislation that would require disclosure of credit scores, which are used by lenders to decide whether to make a loan and how to price it.
Under current law, lenders must share these scores only with applicants whose have been rejected.
Rep. Cannon, who introduced the Fair Credit Full Disclosure Act last September, said he wants all customers to have access to these crucial data on their creditworthiness. He was joined at a press conference by officials of the online lender E-Loan Inc., the National Association of Realtors, and the U.S. Public Interest Research Group.
"Consumers have a right to know this important information about themselves," Rep. Cannon said. "Right now it is very hard for consumers to get it."
E-Loan started giving customers their credit scores in February but was forced to quit six weeks later when two major credit bureaus threatened to stop supplying the information.
Rep. Marge Roukema, R-N.J., chairwoman of the House Banking subcommittee on financial institutions, plans to hold a hearing this year.