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     | Thursday, August 24, 2000 - 01:40 pm  SB 1607: As I understand it this bill will require the CRA's to provide the consumers of California with their credit score when that score is used to deny them credit. Explanations of the score must also be given. Despite industry lobbying against it this bill has received bipartisan support so far passing the State Senate on 5/25/2000 by a vote of 32-1. More recently on 8/8/2000 it was passed by the Assembly Committee on Banking and Finance by a vote of 10-1. The full State Assembly may be voting on the bill this or next week. If you live in California please call or write you assemblyman or assemblywoman and ask them to support the bill. You can find out who your representive is and how to contact them on the California Assembly's home page: http://www.assembly.ca.gov/acs/defaulttext.asp The full text and history of the bill can be found here: http://www.leginfo.ca.gov/cgi-bin/postquery?bill_number=sb_1607&sess=CUR&house=B Here is a link that summarizes the bill a bit better and has a few assemblymen email addresses: http://www.cvar.org/1607.htm
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| | Thursday, August 24, 2000 - 02:07 pm Wow! Maybe I will have to leave the resort city of Viginia Beach and move back to San Diego!!! Mike
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| | Thursday, August 24, 2000 - 02:14 pm Well, I REALLY hope this will pass! From Eric's link: "SB 1607 will: * Require lenders to provide consumers with their specific credit score, what credit information went into making up the score, and an explanation of how credit scores work in the loan approval process; * Compel credit reporting agencies to correct inaccurate information in a timely manner; and * Provide additional legal recourse to consumers when credit reporting agencies continue to report inaccurate information after acknowledging that the information is incorrect." Wow, for once I'm with CAR (California Association of Realtors) who sponsers this bill. Thanks so much for posting, Eric. And everybody in California PLEASE contact your legislators!
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| | Thursday, August 24, 2000 - 02:45 pm Here is the page to find out which DISTRICT you live in (if you don't know who your Assembly person is): http://www.assembly.ca.gov/acs/acsframeset9text.htm And here is the page with all Assembly members' contact info: http://www.assembly.ca.gov/acs/acsframeset7text.htm Almost all Democrats provide an E-mail address, while many Republicans instead just have a survey. Couldn't find their E-mail anywhere. I *think* faxes are MOST effective, because e-mails are easier to send and DELETE.
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| | Thursday, August 24, 2000 - 03:37 pm Already called my Assemblyman. Gave my info and they took note. Hope it passes...It will restore my faith in politicians.
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| | Friday, August 25, 2000 - 05:59 am Faxes are probably better. But since I don't have a Fax I emailed. Hopefully, it will be read. I think it's helps to tell a personal story. I wrote: Dear Assemblyman ..., I am writing to urge you to support the bill SB 1607. This bill will help all consumers. From responsible young military and working class people to more successful families who are looking to purchase a new home. There are many, many responsible people out there who are not getting approved on their apartment applications, who are getting denied for credit cards, car loans, and home loans or too often getting them approved with high interest rates. These decisions are very often made based solely on their credit score which the consumer is almost never allowed to see under current laws. It is a frustrating experience to be denied credit when you think yours should be good. In my case for years I just gave up. Eight years ago when I was 20 I got a secured credit card and never missed a payment for a year. Then one day I applied for a department store credit card at Montgomery Wards and was denied for "derogatory credit". The guy suggested that I may have been late with a payment or something but I know I never was. In retrospect I should have checked for errors on my credit report but I was mad and didn't bother. I stopped using credit cards, bought my car with cash, and have lived in bad neighborhoods where the apartment managers don't bother checking for credit scores. Now that I'm a little older and have a pretty decent job I'm trying to rebuild my credit (which doesn't seem to take into account income or how much you have in the bank). It would really be nice to know how far my credit score is from being able to live in the apartment of my choice, of getting a decent credit card, or in a few years a home loan with a decent interest rate. As it is, I'm completely in the dark working blindly to improve my credit. Should I get one, two, or three secured credit cards? Should I try to get a department score credit card? How long after I have these credit cards should I wait to try to apply to live in a decent apartment? Don't forget that every time I apply for that apartment or credit card that my score gets lowered a little so it's best not to try too often. The system is totally unfair to responsible people trying to improve our credit because we are left guessing as to how to do it and guessing as to what our score even is. Your vote can help change that. Please support SB Bill 1607. Thank you, Erik Thompson My Address My Phone #
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| | Friday, August 25, 2000 - 01:04 pm I have a friend who use to read/answer letters for Dana Rohrenbacher (excuse my spelling). They figure out which form letter to send in response, and tally your topic and position. The content of the letter is not so important as a clear understanding of what topic you are concerned with. Each letter does count. It's kind of like voting without registering.
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| | Friday, August 25, 2000 - 01:22 pm Thanks all! Another VERY important part of this bill: "This bill would further provide that any contractual provisions that prohibit the disclosure of a credit score by a person who makes or arranges loans or a consumer credit reporting agency are void, ..." While I was never aware that I had this contractual obligation not to disclose Scores, I now *think* that's why I was blacklisted by TRW back in 1997 and told I'd NEVER be able to order their reports again. I REALLY hope this bill will pass.
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| | Monday, August 28, 2000 - 06:25 am My Assmeblyman's assistant said he was planning to vote for it. She also told me Assembly speaker Hertzberg (CA) is sponsoring a bill for Californians that REQUIRES the credit card companies to print the time it will take to pay your CC off if you make just the minimum balance. Wow! If you live in this guy's district, PLEASE vote for him come the next re-election!
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| | Monday, August 28, 2000 - 03:30 pm Pointless! Hertzberg (D-Van Nuys) will be pushed out due to term limits. He is not eligible for re-election.
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| | Tuesday, August 29, 2000 - 06:47 am Oh, forgot about that. Hope he does what he says.
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| | Tuesday, August 29, 2000 - 09:15 am From http://www.car.org/newsstand/news/aug00-6.html FOR RELEASE AT 10 A.M. PDT Tuesday, August 29, 2000 CREDIT SCORING BILL PASSES FINAL ASSEMBLY VOTE BY WIDE MARGIN SACRAMENTO (Aug. 29) - The California State Assembly on Monday passed SB 1607 (Figueroa), the California Association of REALTORS®' landmark credit scoring legislation, by a vote of 57 to 6. "The Assembly vote caps months of effort by our members to give California homebuyers the 'right to know' their credit scores and the factors that went in to determining the scores," said Jim Hamilton, legislative chair of C.A.R. The C.A.R.-sponsored legislation will now go before the state Senate for a concurrence vote on the Assembly amendments later this week before being submitted to Governor Gray Davis for signature. "California will soon have the most consumer-friendly law involving credit disclosure in America," said Senator Liz Figueroa, author of the legislation. ... Our phone calls, letters, faxes, and emails worked! Ah well maybe it would have passed anyway. I emailed my Assemblyman Floyd and the email didn't go through. I left a message asking him to vote for it at his office. That guy didn't even vote! Oh well at least it passed. Because it was ammended several times the Senate will vote on it again next so lets contact our State senators and ask for their continued support of the Bill.
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| | Tuesday, August 29, 2000 - 09:40 am To find out who your California State Sentaor is and get contact info: http://www.sen.ca.gov/~newsen/senators/yoursenator.htp A list of all the Senators and contact info: http://www.sen.ca.gov/~newsen/senators/senators.htp The California Senate Home Page: http://www.sen.ca.gov/ Which Assembly people voted for the bill, against it, or not at all: http://www.leginfo.ca.gov/pub/bill/sen/sb_1601-1650/sb_1607_vote_20000828_1007PM_asm_floor.html Which Senate people voted for the bill (before the ammendments), against it, or not at all: http://www.leginfo.ca.gov/pub/bill/sen/sb_1601-1650/sb_1607_vote_20000525_1238PM_sen_floor.html
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| | Thursday, August 31, 2000 - 08:51 am From: http://www.car.org/newsstand/news/aug00-7.html FOR RELEASE AT 4 P.M. PDT Wednesday, August 30, 2000 SENATE PASSES C.A.R.'S CREDIT-SCORING BILL BY VOTE OF 34 TO 1 Landmark Legislation Now Goes to Governor Gray Davis for Signature SACRAMENTO (Aug. 30) - The California Senate this afternoon passed SB 1607 (Figueroa), the California Association of REALTORS®' landmark credit-scoring legislation, by a vote of 34 to 1. "Today's vote by the Senate was a victory for homebuyers in California," said Jim Hamilton, legislative chair of C.A.R. "SB 1607 will require lenders to provide consumers with their specific credit score and the four key reasons why a consumer’s score was not better." The legislation also gives consumers the right to receive a copy of their credit scores when they request copies of their credit file for a small fee. ... Contact Governor Gray Davis and ask him to sign this bill into law! From his website: http://www.governor.ca.gov/ http://www.governor.ca.gov/contact/index.shtm You may write to the Governor at the following address: Governor Gray Davis State Capitol Building Sacramento, CA 95814 Phone: (916) 445-2841 Fax: (916) 445-4633 graydavis@governor.ca.gov "To help us keep track of correspondence and to ensure that we are able to respond to California residents, please be sure to include your name and address when you communicate with the Governor's Office. We do not accept e-mail attachments."
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| | Saturday, September 16, 2000 - 04:34 pm Thanks for all the updates Erik! Looks like the bill just went to the Governor for signature, and I assume he'll sign it. Wonder who Senator Wright is, the only opposing vote. Now I only wished the bill was effective sooner, think it's 7/1/2001. Does anyone have comments from the CRAs or Fair Isaac?
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| | Saturday, September 16, 2000 - 06:53 pm Roderick Wright (D-Los Angeles). I used to live in his district. He is cool.
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| | Saturday, September 16, 2000 - 06:58 pm http://democrats.assembly.ca.gov/members/a48/default.htm
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| | Sunday, September 17, 2000 - 12:19 am I didn't see anywhere on his page why he opposed the bill.
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| | Sunday, September 17, 2000 - 04:03 am I dunno why he opposed it.
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| | Sunday, September 17, 2000 - 03:08 pm I think it's really odd and I'm curious. Seems like there must be something that I'm missing. I'll send him an E-mail.
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| | Monday, September 18, 2000 - 04:18 pm Hey Christine: I sent him an e-mail as well, to kind of drive home the point. Here is the contents of what I sent: "It has come to my attention that you held the only dissenting vote in a 34-1 vote on a bill that opens with a crowbar the strongbox of secrets in the increasingly controversial issue of credit scoring. I am concerned with this, since I am following this issue along with banking issues in North America with rather extreme scrutiny. The reason for this is that I feel that in this century we need to protect and control PRIVATE information which can be promulgated and used in a detrimental way to anyone at the whim of computerized "decision" making. I feel that as a progressive, mature person in a position of considerable authority such as yourself you have indeed taken some lead with initiative and thoughtfulness as regards the emerging high-tech world and that is certainly most commendable. However, I am just reminding you that information-hungry barons like the three credit-reporting agencies in the U.S. and two in Canada among others in the world and the companies who feed off them like Fair, Isaac, and Company in your state have conducted themselves very much above legitimate public reproof and prefer to stay that way; therefore, it is prudent to treat their dealings with caution. Considering that you live in the great state of California, through which new developments filter through eventually to the rest of North America, please be aware that people like myself in the online world are watching what is happening in your state very carefully and with much interest and input. Thank you for your consideration." After writing that, I felt much better. Nothing like writing which gets the juices going.
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| | Tuesday, September 19, 2000 - 03:47 am Nice letter! Mine was just a short inquiry. Can't wait to see the response, if any.
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