Congressman Cohen Introduces the Fair Access to Credit Scores Act

February 3, 2021
Press Release
Would provide free credit scores along with annual free credit reports

WASHINGTON – Congressman Steve Cohen (TN-09) today introduced the Fair Access to Credit Scores Act which would provide a free and accurate credit score with the free annual credit reports that are already available to consumers through the Fair Credit Reporting Act. Congressman Cohen introduced a similar bill and its provisions were included in the House-passed Consumers First Act in May 2019. 

Congressman Cohen made the following statement: 

“This commonsense legislation would expand consumers’ right to obtain free, reliable access to the information used to evaluate their credit-worthiness. Congress has already made free annual credit reports available. This measure expands that right to provide consumers with the meaningful information creditors already have. A good credit score can mean a better interest rate on mortgages, bank loans and credit cards; smaller deposits for rent or utilities; and even lower insurance premiums. Unfortunately, many Americans find monitoring their credit scores difficult and expensive because gaining access to affordable information is not as simple as it should be. This legislation solves that problem.” 

The Fair Access to Credit Scores Act would provide all consumers with an annual free credit score to complement their free annual credit report. In addition, this bill would ensure that the free annual credit score received by consumers is a reliable score actually used by lenders, rather than an “informational score” of unknown reliability. This bill would also give consumers access to all scores generated in the previous year and stored in their credit files, which includes all the information that lenders have accessed about consumers individual creditworthiness, instead of just those scores that resulted in “adverse actions,” as provided by current law.