FCRA Bill Signed

President Bush has signed a permanent extension of the Fair Credit Reporting Act that will requires mortgage lenders to provide borrowers with their credit scores and explain why they may be charged a higher-than-expected interest rate."The bill I'm about to sign will make sure that hardworking, law-abiding citizens are treated fairly when they apply for credit," President Bush said. The comprehensive FCRA bill (H.R. 2622) provides consumers with free access to credit reports, strives to improve the accuracy of credit reports, and addresses the growing problem of identity theft with new remedies for victims and preventive measures. "In an age when information about individuals can be found easily, sold easily, abused easily, government must act to protect individual privacy," the president said. "And with this law, we're taking action."