|Received:||11/5/2004 11:39:32 AM|
|Agency:||Federal Trade Commission|
|Rule:||Advance Notice of Proposed Rulemaking, Request for Comment|
|Docket ID:||RIN 3084-AA94|
Comments:The fee charged to obtain a person's "personal credit score" should be minimal if not obsolete. The credit industry designed this format of rating people to determine creditworthiness by using that particular persons "personal" business information to make it "easier" for the credit industry to exercise their judgement. They are not the owner of the information but simply the compiler and should not reap a financial benefit for something they require to do their business. The private person isn't using the score, the lender is. The lender will use the score to help determine the amount of "risk" there is, upon which the borrower already pays a finance charge that the lender benefits from.