It May Get Easier to Monitor Your Credit Score

The Senate recently passed an amendment expanding an existing law (instated in 2003) that allows consumers access to one free report per year from each of the three major credit bureaus -- Equifax, TransUnion, and Experian. You have access to the report for free, but not the credit score.

Consumers have limited options for obtaining their credit score. There are many offers of a "free credit score" but upon further investigation it's not really "free". In order to receive the score, you must enroll in a credit monitoring service and you will be charged you if you don't opt out in time. At times, consumers even apply for loans just to get their credit scores. This practice can have adverse effects on one's credit.

A study by the National Foundation of Credit Counseling discovered 65% of adults have not checked their credit report in the past year. Additionally, one-third of adults are clueless about their credit score.

This may change.

According to Jennifer Talhelm, a spokeswoman for Sen. Mark Udall who is championing the endeavor, the amendment "dramatically increases the number of people getting this critical piece of information." Making credit scores more widely available can help consumers take control over their credit.