HACKENSACK, NJ – Today, August 13, 2019, U.S. Congressman Josh Gottheimer (NJ-5) announced two new bipartisan bills to fix two significant pillars of our credit system in the United States that are in dire need of an upgrade: how credit scores are calculated and how our credit is reported. Gottheimer’s Accurate Access to Credit Information Act will create a single, easy-to-use portal providing free access to a credit score and all three major credit bureau reports, with the ability to identify errors and initiate disputes, lift security freezes, and information on who has accessed your report over the prior two years. Gottheimer’s Credit Access and Inclusion Act will grant consumers the power to opt-in to include their rent and telecom payments as data sources when creating a credit score.
According to the Federal Trade Commission, 21% of all consumers had verified errors in their credit report. These factors directly impact a family’s ability to get a loan to start a small business, lease a car, be approved for a mortgage, or determine the APR to pay on a credit card.
Gottheimer noted that both credit reports and scores, and their accuracy, play a huge role in determining a consumer’s financial health and that a lack of credit history can disproportionately affect minority and lower income communities. African-American and Hispanic families are denied credit more often than white families with the same income. CLICK HERE FOR MORE