Gene Mundt - Let's Talk Mortgages & Real Estate! : Amendment Passed to Make FREE Credit Reports With SCORES Available to Denied Job & Loan Applicants via the Proposed Wall Street Reform Bill.

     Although there has been talk for awhile about making the running of a credit report prior to interviewing and hiring a employee candidate a thing of the past, it currently is still being practiced by many businesses. 

     It's estimated that around 60% of hiring businesses do so.  The credit information received through these reports is obviously of interest and importance to those hiring and utilized to make hiring decisions.

     For those job applicants denied or turned-down for employment because of their credit ... and for those denied new credit because of a poor credit history ... there is good news out of Washington.  On Monday, the Senate passed an amendment to the Wall Street reform bill, that would make it possible to obtain your credit SCORES free after those denials.  Those denied would be capable of seeing the actual SCORES that a potential employer or lender saw FREE of charge, when/if this reform bill is successful.

     Since 2003, a law has been in existence that allowed ONE FREE CREDIT REPORT EVERY YEAR from each of the 3 top credit reporting agencies (Experian, TransUnion, Equifax).  However, that was just the report and no actual scores were given.  It is the scores themselves that banks, businesses, credit card companies, employers, and etc. find of such great interest and base decisions on.  SCORES are the gold.

     As most television viewers well know, there are many credit companies that advertise "free" reports.  Consumers must be made aware though ... "free" is free only during a trial service period.  If this service is not cancelled within a pre-determined trial period time ... a credit monitoring service kicks-in that will cost a consumer monthly and will show-up on a credit card offered at sign-up time from then on until cancelled.  Not paying attention?  "FREE" becomes a thing of the past at that point.

     With the passage of this new amendment that would be within the Wall Street Reform Bill, those previously denied for the above-stated reasons would gain access to their SCORES ... and then hopefully take charge of their credit more wisely moving forward. 

     With improvement of their credit scores, many opportunities could open up for them.  These consumers could definitely increase their chances for new and better employment.  Borrowing money or obtaining credit cards would become more easy ... and monies could be obtained at lower interest rates.  Even insurance rates would improve for these consumers, as currently insurance providers determine rates and ultimately ... whether they wish to service an applicant's needs ... after viewing their credit report.   

     Upon approval of a Wall Street reform bill that contains this amendment, consumers would move closer to the benefit of receiving, understanding, and taking charge of their credit history at minimum, once a year.  Until an agreement is reached and a passage is complete however, it is recommended that someone in need of a FREE credit report go to the website: www.annualcreditreport.com.  The info available there is valuable and a great place to start on improving credit history.

     I will also point out ... if you are a homeowner and have established a good working and ongoing relationship with your lender, in many instances that lender will run a free credit report for you once or twice a year as a courtesy to you.  This is a service that I offer my clients ... and I know other lenders that offer this service, as well. 

     PLEASE ... check with me or your personal lender at least once a year.  Take advantage of this valuable service and opportunity to receive a mortgage and credit check-up.  I can tell you from past experience, that errors can occur and exist within a report.  This is the perfect opportunity to catch and clear-up any problems that show.  It's also a good time to take stock of any changes and new programs that might exist that would prove financially beneficial to you through your mortgage.

    If you have not taken this action within the last year ... pick-up the phone and call me ... or contact your lender NOW.  You'll be glad you did.  Be watching for the possible passage of the Wall Street reform bill too.