Bill would require TN officials to release credit scores

by 界面新闻, at 07 December 2015, tags : Score Credit The State Candidates Require Information Scores

Dave Boucher, dboucher@tennessean.com 10:01 a.m. CST December 7, 2015

Elected leaders and candidates for office in Tennessee would need to disclose their credit scores if a new bill becomes state law.(Photo: File / The AP)

A newly proposed bill would require anyone running for office in Tennessee to publicly release their credit score.

The legislation would be the first of its kind in the country, said sponsors Rep. Cameron Sexton, R-Crossville, and Sen. Paul Bailey, R-Sparta. They decided to introduce the measure after a constituent voiced concerns about public officials who can’t keep track of their own finances.

“Before an election, candidates constantly say how they are going to balance the budget and make sure government lives within its means,” Sexton said in a news release.

“How do voters verify whether the candidate means what they say? The only accurate answer is to know the person’s credit score.”

In addition to state and local elected officials, state law requires several high-ranking appointees or officers to file the disclosure forms. That includes the attorney general, the secretary of state, supreme court justices, the president of the University of Tennessee and among other positions.

In addition to state lawmakers, the bill would require the governor, district attorney generals, any locally elected or appointed official and delegates to constitutional conventions to disclose their credit scores.

Right now, the publicly available financial disclosure forms require candidates to provide basic information: sources of income, job, whether candidates have a blind trust, sources of investment income, whether candidates have loans or have filed for bankruptcy and finances related to professional services.

The form doesn’t require specific dollar amounts, only the names and types of accounts. Credit scores can range from 0 to 800. Higher scores are better: the average credit score in Tennessee was 656, according to information provided by Experian to NerdWallet in September. The average score nationally was 669, although that changes frequently.

If enacted, the bill creates several credit score brackets and lawmakers would need to disclose the bracket where their score fits in. The brackets are from 1 to 549, 550 to 649, 650 to 699 and 700 or above.

“I pledged I would always be open to ideas from citizens,” Bailey said. “We hear the voices of the people asking for accountability at all levels of government.”

Lawmakers can take up the legislation when they return to Nashville in January for the legislative session.

_Reach Dave Boucher at 615-259-8892 and on Twitter @Dave_Boucher1. _

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Bill would require TN officials to release credit scores

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