Originally Posted by
itsme
I think the rationale was that the 3 credit reporting companies should let you see your own report for free once a year so you could check to see whether all the information they were reporting on you was correct, allowing you to dispute whatever you thought was incorrect. There is no such rationale with respect to the FICO score, which produces a number based on the credit reports from those 3 and Fair Isaacs proprietary algorithm. So not sure any legislative proposal was defeated by lobbyists, rather than that none was ever on the table.
Real reason was Repubs (and many Dems) folded to industry pressure to keep consumers in the dark about their credit and to permit vastly profitable selling of scores to consumers.
Fair Issacs claimed "proprietary"algorithm is almost entirely public knowledge, at least in the industy and on FT and Fat Wallet etc. Just read a few threads on how to improve your credit score. It was originally developed to try and protect the famously biased credit granting business from racial etc. discrimination lawsuits. And, it powered the vast run up in credit card junk mailings and card issuance.
Scores should be freely available, but, ain't.
