Anyone who has watched a college football game over the past few weeks has probably seen a commercial for free credit reports. That's because Congress passed a law in 2003 giving consumers the right to receive one free credit report each year. But we still have to pay a fee to receive our credit scores.
Credit reports are helpful, but credit scores matter even more. A low score can make a big difference when a family goes to buy a new car or a new home. Research shows that a bad score could add $45,000 in interest payments to the average 30-year, $125,000 mortgage.
Information is power, especially when you're talking about credit. We should give consumers the right to receive one free credit score each year. The score should include data from each of the three major credit bureaus. That way, families can monitor their scores and see trouble coming -- and fix it -- before it hits them in their pocketbooks.
Submit your ideas to: chad@chadmcgowan.com.
Credit reports are helpful, but credit scores matter even more. A low score can make a big difference when a family goes to buy a new car or a new home. Research shows that a bad score could add $45,000 in interest payments to the average 30-year, $125,000 mortgage.
Information is power, especially when you're talking about credit. We should give consumers the right to receive one free credit score each year. The score should include data from each of the three major credit bureaus. That way, families can monitor their scores and see trouble coming -- and fix it -- before it hits them in their pocketbooks.
Submit your ideas to: chad@chadmcgowan.com.
