Credit Report Law Reformed

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In this context it has to be recalled that a law similar to the one thought out by Mark Udall had been conceptualized in the year 2003. Even back in the year 2003, consumers could get an access to their credit reports for free. Three organizations across the United States, namely, the Equifax, the Experian and the TransUnion provided the people of the country with a picture of their credit reports. Thus this means that if the courts in the country accept the suggestion given by the Senator this year, it will lead to an improvement in the credit policies of the US and also improve the nation’s financial structure.

Senator Mark Udall says that if a consumer is not given a loan by any financial institution or is not allowed to purchase a product, if the interest rate incurred by a loan that he had borrowed earlier is very high or if the consumer is faced with unfavorable terms on his credit card, he will automatically be eligible to get his credit report for free. A consumer can also get the same report if he is not given a job on account of reports of bad credit.

Mark Udall is of the opinion that for ages the common man has been harassed by banks. The banks have refused to release the real credit report of any consumer, thus keeping him in the dark.