Bill Mandates Free Credit Scores for Everyone

Published April 17, 2014

A proposed bill in the United States Senate would mandate all consumers have access to free annual credit scores.

The Stop Errors in Credit Use and Reporting (SECURE) Act is designed to reduce the problems consumers experience through errors in their scores.

SB 2224 is sponsored by Senators Brian Schatz (D-HI), Sherrod Brown (D-OH), Bernie Sanders (I-VT), Elizabeth Warren (D-MA) and Richard Blumenthal (D-CN). It gives consumers “access to meaningful credit scores free of charge annually.”

This is similar to the service currently offered through, where consumers can see their credit reports from all three credit bureaus for free once a year. However, consumers must pay to see their credit scores on this site. That would change under the SECURE Act.

“In today’s economy, it is critical that consumers have access to a safe and reliable way of checking their credit reports and scores,” said Brown in a statement.

Providing this information will help consumers keep better track of their credit and correct issues before a problem grows, he said. Credit report errors can lower consumers’ credit scores and lead to higher interest rates.

“The SECURE Act provides a good framework for holding credit reporting agencies and creditors accountable for making sure credit reports are fair and accurate,” said Pamela Banks, senior policy counsel for Consumers Union. “Giving consumers free access to their credit score will help consumers know where they stand with lenders and others when it comes to their credit record.”

Several credit card issuers are currently showing cardholders their FICO credit scores on their monthly statements: Discover, First Bankcard and Barclay. The Consumer Financial Protection Bureau is urging all issuers to provide free credit scores.