SACRAMENTO (Oct. 2) - California Governor Gray Davis on Saturday signed SB 1607 (Figueroa), the California Association of REALTORS' landmark credit-scoring legislation giving consumers access to their credit scores.

"Saturday's action by Governor Davis marked a milestone for homebuyers in California," said C.A.R. President Richard F. Gaylord. "In addition to providing consumers with their specific credit score and key reasons why a score was not better, our legislation also gives consumers the right to receive a copy of their credit scores when they request copies of their credit file.

"Once again California REALTORS are leading the way in helping California families purchase a home," he said. "The governor's signature on SB 1607 capped months of grassroots efforts by our REALTOR* members throughout the state"

In addition to C.A.R., Consumers Union co-sponsored the legislation. The bill also is supported by E-Loan and the California Association of Mortgage Brokers.

"California now has the most consumer-friendly law involving credit disclosure in America," said Senator Liz Figueroa, author of the legislation.

SB 1607 also enjoyed statewide bipartisan support of 17 Senate and Assembly co-authors as well as Attorney General Bill Lockyer, Privacy Rights Clearinghouse, National Association of Hispanic Real Estate Professionals, Chinese Real Estate Association of America, California Building Industry Association, Consumer Federation of California, Consumer Action, CalPIRG, American Association of Retired Persons, Neighbor to Neighbor, California Professional Firefighters, and Fair Housing of Marin.

"This new law will help California consumers learn more about what is affecting their ability to get a home loan," said Gail Hillebrand, senior attorney for Consumers Union. "Because your credit score is affected by more than whether you have paid your bills, consumers need to know their score and the reasons behind it. For the first time, California consumers will now have that right."

Published: October 3, 2000

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