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Bill Would Require Credit Disclosure.(Senate Banking Committee bill)(Brief Article)
Two Senate Banking Committee members are co-sponsoring a bill that requires mortgage lenders and credit reporting agencies to disclosure credit scores to mortgage applicants.
Sponsored by Senators Charles Schumer, D-N.Y., and Wayne Allard, R-Colo., the Consumer Credit Score Disclosure Act is designed to provide consumers with the information they need to determine whether they qualify as prime or subprime borrowers.
The sponsors are concerned that too many borrowers are routed into higher cost subprime loans when they could be eligible for "A" credit loans at lower prime interest rates.
"This legislation will lift the veil of secrecy over credit scores and create greater opportunity for securing a home mortgage at considerably less expense," Sen. Schumer said.
The two senators want to have a hearing on disclosure bill in September.
"It is wrong for mortgage credit scores ...
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...African American Policy demonstrating how credit scores are used to deny African-Americans...credit products. These maps overlay credit scores (also known as FICO scores), race...institutions in those communities. "Credit scores are a key enabler of wealth, but credit...
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...organizations increasingly utilize credit scores to evaluate individuals as prospective...most Americans do not understand credit scores even when they think their knowledge...Most consumers do not understand what credit scores measure, what good and bad scores...