|Received:||11/23/2004 1:03:49 PM|
|Agency:||Federal Trade Commission|
|Rule:||Advance Notice of Proposed Rulemaking, Request for Comment|
|Docket ID:||RIN 3084-AA94|
Comments:I believe the cost of a credit score to the general public should be the actual cost to the company plus 10 percent margin for profit. That is, if it costs a reporting agency 2 dollars for the report, the consumer's cost should be 2.20 dollars. This fee should be reviewed every 4 years to adjust for cost inflation, and may be lowered due to technological advancements. We should expect prices to drop due to increased productivity (Look to Wal-Mart). The lowest fee possible will stimulate the overall economy by making it easier for consumers to obtain credit by: 1) Being aware of their credit score and understanding how it affects their creditworthiness - eliminating ignorance. 2) Making it easier for consumers to monitor and improve their score, improving their creditworthiness. Both effects will create more demand for credit, and more careful use of credit. Please publicize this process for greater public involvement.