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Borrowers Can Now Access Credit Scores

July 08, 2001| Inman News Features and

Legislation giving California consumers access to their own credit scores went into effect July 1.

Under SB 1607, or the Credit Score Disclosure Legislation, borrowers will be able to learn about factors affecting their ability to borrow money.

"Decisions by lenders about whether or not consumers get a loan or, if they do get the loan, what interest rate they will pay, are being based on credit scores that are kept secret from them," said Sen. Liz Figueroa (D-Fremont), author of the legislation.

"Even a small difference in the interest rate can make or break a deal," she said. "SB 1607 is about empowering consumers against erroneous or misleading credit information."

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