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Legislation Would Force Credit Score Availability

Congressman Clay also sponsoring predatory legislation

May 15, 2003

By MortgageDaily.com staff

New federal legislation allowing consumers access to their credit scores is on its way to the house floor, according to William "Lacy" Clay Jr., D-Missouri.

In a keynote speech to Realtors at an association meeting, Clay said he would sponsor a companion bill to the Senate's "Consumer Credit Disclosure Act of 2001" in a few weeks, according to published reports.

In a draft of the speech, obtained from the Congressman's office, Clay noted the increasing importance of credit scores, which are now used by both Freddie Mac and Fannie Mae, and in some instances even to approve applications for homeowner's insurance.

He said, in the draft, that by giving consumers their actual score and at least four specific occurences which have adversely affected the rating, the consumer would be able to work towards repairing the damage and becoming a better risk. In turn, all parties to a real estate transaction would benefit by the increase in the number of consumers eligible for mortgage lending, the draft said.

According to a National Association of Realtors statement, the organization supports full credit reporting disclosure and has sponsored legislation to that effect.

Clay also cosponsors HB 1663, which would take aim at predatory lenders. Last month the bill was referred to the House Subcommittee on Financial Institutions and Consumer Credit.

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