Make it ILLEGAL for credit inquiries to DAMAGE your credit score.

Make it ILLEGAL for credit inquiries to DAMAGE your credit score.

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Eric Huddleston started this petition to U.S. House of Representatives and

It is improper and cruel for the credit bureaus to adversely affect an individual's credit score based on an inquiry, or application for credit. Millions of middle-class, hard working Americans rely on credit to buy homes, cars, and afford to make it to the next paycheck. As you might be aware, it is very easy to damage your credit score, and much harder to repair it.

That said, it should be ILLEGAL for an application for credit, or a credit check or inquiry to negatively impact someone's score. Using myself as an example, I ran up debt while I was in college at the University of California, Riverside, and my credit score was terrible after losing my job and failing to pay my debts. That is okay with me. I am now working, and have paid thousands of dollars to clear my collections, and other derogatory marks. After not having a credit card for several years while I worked to pay my debts, I was finally in a position to get approved for a credit card so I could increase my utilization and hopefully, further improve my overall score.

However, to my dismay, I had to accept a hard check in order to apply. My score dropped 67 points! That is NOT okay with me.

Citizens, when born, do not choose their social security numbers OR enroll for accounts with the credit bureaus, yet everything they spend money on in their life is tracked and reported and they are assigned a score that determines their eligibility to pay more or pay less for the same financial products, or simply get denied for financing altogether on a myriad of products.

Given everything stated, I propose the following SOLUTION:

Draft legislation OR amend current legislation that accomplishes the following:

1) It is illegal for an application for credit, an inquiry, or a hard check to impact an individual's credit worthiness in ANY way, shape, or form.

2) As part of this legislation's passing, ALL CREDIT BUREAUS are required to immediately adjust consumer credit scores to the level it would otherwise be with ZERO inquiries .

a) Future inquiries will NOT be reported and/or affect consumers credit scores

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