Letter to Legislators on Credit Scores

A letter I sent to my U.S. senators and representatives on credit scores:

October 10, 2016

Dear Sir:

Every time there is a “hard hit” credit check (when attempting to get a loan or applying for a credit card) of one’s credit report, his or her credit score declines by two points. That “hard hit” and loss of points does not expire for two or more years.

Americans should be allowed to enter contracts with full knowledge of the consequences (monetary and otherwise). Why can’t credit card companies note the credit scores at which they approve and disapprove applicants in their small print? This would allow Americans to more fully control their credit scores.

I urge you to file legislation – or amend or otherwise codify language – that would require those companies issuing credit cards to inform potential applicants of the required credit scores before the credit check is performed. You and your colleagues must prevent our fellow Americans from ruining their credit for no reason. With clear information, they would not make decisions so contrary to their own self-interest.

It is a key principle of the free market that both parties to a contract should have as much information as possible to make the most informed decision in advancing their interests. This is not currently the case.

Please support the free market and the American people by pursuing a remedy to this issue as soon as possible.



William O. Pate II

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