This may seem an insignificant issue in view of the devastating losses all across America; but failure to correct the credit reporting system”will severely and negatively affect every American consumer as we struggle to recover economically.
The Fair Credit Reporting Act was originally passed in 1970 to address the fairness, accuracy and privacy of personal information contained in the files of credit reporting agencies (CRAs). The three major CRAs have total power over individuals’ financial health and prosperity.
CRAs fail to timely release reports; correct information; and intentionally falsify reports, etc. The list is long. The consumer is an unwilling victim of the system and has no effective recourse.
The original intent of the FCRA was for the “lending of money” or “credit”; and should be limited to that issue. It should not be used or released to: landlords, employers, insurance companies, utilities or any other entity that is not providing “credit” Other than the “lending of money” or “credit, the providing of a credit report is an invasion of privacy.
The FCRA should have reasonable timeframes by today’s standard, 24-48 hours for compliance, not 30 or 60 days.
CRAs need to be held accountable and penalized for violations. Penalties should be assessed on a sliding time scale. (Increase penalties each day the violation is not corrected.)
Currently the consumer may file with the Consumer Financial Protection Bureau but it has no authority to resolve the problem or hold CRAs accountable. Complaints are difficult to file without exposing personal data which may be subject to public records.
FCRA needs revisions to protect the original intent, update timeframes, and hold CRAs accountable.
Immediate corrective action needs to happen now to help America recover!
Help break down this barrier and contact your members of Congress.
Ev Stone
Granite Falls
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