Credit Score Blog

Well, it may be easy to get, but now you may have to pay for it. That is, the Federal Trade Commission (FTC) is seeking public comment on charging a fee for “…credit scores under the Fair and Accurate Credit Transactions Act (FACTA) and the Fair Credit Reporting Act (FCRA).”

You know what a credit score is? It is a number used to judge the risk of giving an individual credit. It is based upon many factors including how much debt you’re in, the rate at which you’re paying back your debt, and if you have late payments etc. The reason for public comment, in my opinion, is government recognition of free enterprise with respect to the expectation of access to information for an individual to access credit in a reasonable manner. So, what do you think a proper fee would be for different agencies, like Experian, to charge for individuals to access their credit score? Keep in mind that this score is necessary for individuals to know when they are applying for a loan, a job, mortgage etc.

If you want to put in your two cents over how much is reasonable for the three major credit bureaus to charge and get more information, you can visit the FTC here:

http://www.ftc.gov/opa/2004/11/factafrn.shtm.