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house Bill H.R. 5332

Should Credit Reporting Bureaus Create a Single Online Portal for Consumers to Access Their Credit Reports & Scores?

Argument in favor

Given credit reports’ importance in many aspects of consumers’ financial lives, it’s essential that they reflect accurate information and be easy to access. Requiring the three major credit reporting bureaus to work together to create a single online portal for consumers to access and correct errors in their credit reports and scores would give consumers more visibility in, and control over, their credit scores.

jimK's Opinion
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06/28/2020
These services are provided already by organizations contracted by banks to support their wealthier clients. It is kind of a no brainer to just expand the current, mostly automated services, to be available for the general public. Many offer side by side comparisons of credit scores and the factors that increased scores and those that decreased credit scores. If a creditor has dinged your record with one reporting agency and not the others, look up the details and file requests with the credit agency to correct errant records. The costs should be minimal since these effective credit agency aggregating reports and summarily services already exist. The ability of people to see their credit scores and the factors which influenced the scores should help everyone catch reporting errors and to be a little more financially responsible.
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Leslie's Opinion
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06/28/2020
One stop shop Dashboard with all details available to contact any incidents listed!
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AaronEdward's Opinion
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06/28/2020
I am tired of competing with this f’d up system! Give me free access to the score that am being graded on.
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Argument opposed

In eliminating negative, but useful, information on credit score reports, this legislation would make such scores less useful to financial institutions and others that seek to use consumers’ credit scores to evaluate their creditworthiness and suitability as renters or borrowers. Additionally, this legislation gives the already too powerful Consumer Financial Protection Bureau’s (CFPB) even more authority.

frostyone's Opinion
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06/28/2020
It’s called Credit Karma. Its a website. It’s free. You socialists should love it
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Brandon's Opinion
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06/28/2020
Due to security concerns and the amount of information consolidated of every tax paying American into one of the “juiciest” targets a cyber actor could imagine, I believe keeping credit information in separate privatized data centers the right move at this point in time. If credit were to be consolidated it should be at the discretion of each individual American opting into aggregating their credit information into a single government mandated database. If one chooses to view all of their credit information into a single format there are plenty credit monitoring businesses that help with that and usually offer additional identity theft tools and insurance to keep them safe and insured. If the government were to step in and impose legislation as proposed here, it should be by standardizing, mandating, ensuring, and verifying credit agencies are adhering to the latest and most secure practices in cyber security available both at physical data centers and digital encryption whilst respecting privacy sharing standards.
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Mark's Opinion
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06/30/2020
Who needs a credit score report when everything is going to be free? Right?
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    These services are provided already by organizations contracted by banks to support their wealthier clients. It is kind of a no brainer to just expand the current, mostly automated services, to be available for the general public. Many offer side by side comparisons of credit scores and the factors that increased scores and those that decreased credit scores. If a creditor has dinged your record with one reporting agency and not the others, look up the details and file requests with the credit agency to correct errant records. The costs should be minimal since these effective credit agency aggregating reports and summarily services already exist. The ability of people to see their credit scores and the factors which influenced the scores should help everyone catch reporting errors and to be a little more financially responsible.
    Like (104)
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    It’s called Credit Karma. Its a website. It’s free. You socialists should love it
    Like (37)
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    One stop shop Dashboard with all details available to contact any incidents listed!
    Like (44)
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    I am tired of competing with this f’d up system! Give me free access to the score that am being graded on.
    Like (43)
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    Yes, people should always have access & it should be free! It’s our credit.
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    Due to security concerns and the amount of information consolidated of every tax paying American into one of the “juiciest” targets a cyber actor could imagine, I believe keeping credit information in separate privatized data centers the right move at this point in time. If credit were to be consolidated it should be at the discretion of each individual American opting into aggregating their credit information into a single government mandated database. If one chooses to view all of their credit information into a single format there are plenty credit monitoring businesses that help with that and usually offer additional identity theft tools and insurance to keep them safe and insured. If the government were to step in and impose legislation as proposed here, it should be by standardizing, mandating, ensuring, and verifying credit agencies are adhering to the latest and most secure practices in cyber security available both at physical data centers and digital encryption whilst respecting privacy sharing standards.
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    Since credit scores determine the average consumer’s access to credit, the average consumer’s access to those credit scores should be easier and more transparent.
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    YES! When I went about to purchase a home about 13 years ago it took me weeks to get my reports corrected; endless phone calls, some rude people, snail mail, and waiting and waiting!. It should not be hard and we should not have to pay to see our own information, particularly when so may decisions are based on the numbers!
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    It’s really difficult to get your credit score unless you have a credit card that has that privilege. So yes. A great idea.
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    As it currently exists, the system of navigating one’s own credit history is convoluted at best.
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    I find it odd that the majority of people that say no to this legislation are insulting the people who said yes. There is a legitimate argument to be had here. While I think this should be established, there are some security and regulatory concerns that need to be addressed. Just because someone is for something doesn’t make them a fascist, or a socialist, or some sort of demagogue. If you disagree, make a legitimate argument based in data and facts, not opinion and judgement.
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    Who needs a credit score report when everything is going to be free? Right?
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    Credit scores should be freely available to everyone and with no penalty for checking it. They should include all the factors used to determine the score as well.
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    JunnaLayn, I’ve been bitching for YEARS about the fact that we have to pay to see our own data! They should be paying US for allowing them to sell our data!!! How did this bullshit begin, anyway? Then, when Equifax is hacked AND ALL OUR DATA IS NOW OUT THERE FOR CROOKS TO SEE, what do they do? They offer us a year of paid security. I already pay for this option myself. I don’t need their pittance of a settlement. I want a REAL monetary settlement for their allowing such a thing to happen - like thousands of dollars, maybe, for their outright negligence! You go, JunnaLayn! Keep telling the Ignorants how it REALLY IS! What a fantasy world they live in. Trent, Blue Cross breached all my info, too. Same as Equifax. An “I’m so sorry, but I’ll make it up with this pittance I’m giving you” is in no way enough! Blue Cross screwed me and my husband over for years. This was just the icing on the cake. I would NEVER get insurance from them EVER again!
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    Yes, and it should be free or a very low cost.
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    Yes. I also think you should not be able to pay money to increase your score. Pay to get credit counseling maybe but not to buy a better score.
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    Sure but on a related subject. Why should creditors be insulated from the consequences of unavoidable mass unemployment. A huge number of people that paid their bills on time have lost their income and now can't keep making payments to creditors but creditors still expect to be paid and are ruining these customers credit for missing payments. The government should mandate a deferment for 6 months of all credit card and loan payments without penalties and no adverse credit bureau reporting. Car and mortgage payments would be added to the end of the loan term and unsecured debt payments simply suspended. #creditorjustice
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    I support the house bill — ”the Protecting Your Credit Score Act of 2019 —” which would direct the three major credit reporting bureaus to work together to create a single online portal for consumers to access their credit reports and scores. Given credit reports’ importance in many aspects of consumers’ financial lives, it’s essential that they reflect accurate information and be easy to access. Requiring the three major credit reporting bureaus to work together to create a single online portal for consumers to access and correct errors in their credit reports and scores would give consumers more visibility in, and control over, their credit scores. Sneaky Pete. 👍👍👍👍👍 6.28.20
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    The credit reporting system is convoluted and hard for most people to understand. Using three separate bureaus and trying to gather information and making sure everything is correct is very difficult and time-consuming. I’m not sure if consolidating to one is the right answer, but I do think the system needs to be overhauled.
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    YES and YES!!. The people should get what they have been ASKING for so many years,it’s about freakin TIME !!!.
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