Summary
Credit report errors make up a large percentage of consumer complaints received by the Consumers Union. Usually, these complaints come in the form of credit denials, erroneous credit reports or loss of money. State legislatures and attorneys general have acted quickly on these reports and have already taken steps to regulate credit reporting agencies. Congress, for its part has introduced legislation to strengthen the Fair Credit Reporting Act. The bill, however, was substantially weakened by the inclusion of a provision that would allow the federal government to pre-empt states' authority to regulate credit bureaus.
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Extract
Regulating the credit reporters.
States are aggressively regulating credit reporting agencies, but the federal government is threatening pre-emption.
Robert J. Corbey has a horror story. On June 8, 1991, Corbey signed a contract with a home improvement firm for installation of vinyl siding on his house. He paid $500 down and sought to finance the remainder of the $2,000 cost. Corbey says that on June 12, 1991, a representative of Commercial Credit Corporation called and questioned him about an IRS lien filed at Fairfax City Courthouse in Virginia on property that he allegedly owned with his wife Ann. He was also questioned about a $1,000 monthly mortgage and his residence in two locations in Virginia. According to Corbey, "I have no wife since I've been a widower for over 17 ...See the full content of this document
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