Mortgage Daily Logo
mortgage news from industry experts

Legislation Would Force Credit Score Availability

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.

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION