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Tonight lawmakers pushing to reshape the -- credit reporting it's conducted in this country.
In order to benefit those with poor credit or no credit at all my next guest says that could end up hurting those who actually do pay their bills on time.
Here to explain John Alzheimer president of consumer education for Smart credit dot com.
Did you on the Yankee here is that they want to encourage that at the -- the reporting of on time utility payments what's going on here.
Yet now not only on time payments -- -- all payment activity at all on utility bills and essentially what this.
Bill that was just proposed in the house this week.
Would -- is it would.
The fair credit reporting act and so that it could not be interpreted any way that would make it illegal.
For utility provider of public utility providers to report.
Your transaction and monthly information Osaka credit card to the credit reporting agency that's essentially the hypothesis behind -- -- Are right that there could be a downside for people actually do you pay their bills on time right -- -- what do you mean.
While this is the downside to downside is if you tell a public utility.
To report information to our credit reporting agency -- immediately become cover about a fair credit reporting act which means.
They have to -- -- reasonable procedures to ensure the maximum possible accuracy about credit report which mean -- new people.
New systems and yes new expense of lawyers and so what does that mean -- -- investing all that money in that kind of framework that means that the price is going to have to allot to subsidize which means that we will all be paying more for things like water and power.
-- and bad idea.
Are able to quit waist lines on something else entirely which Wells Fargo saying they're gonna offer free credit.
Scores to customers yeah is that -- ugly.
I was in a Wells Fargo brands today and I actually pull -- I think it's fine it's not like those four.
But it's free it's educational want anything we can do to expose consumers to the theory of credit scoring get them -- little -- educated not a bad thing thumbs up to -- for -- -- well John Alzheimer thanks for coming on tonight it's always a pleasure to see you thank you so much.
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