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CONSUMER HELP... CONGRESS IS SET TO APPROVE THIS BILL


credithound
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IN THE SUNDAY L.A. TIMES, CONGRESS IS ENACTING A BILL CALLED THE FAIR ACCURATE CREDIT TRANSACTIONS ACT OF 2003(HR 2622)

HERE ARE SOME OF THE PROPOSALS:

1) right to obtain a free credit report- all 50 states would participate in allowing everyone to get one free report annually from the Big 3 bureaus :D Did not mention Innovis.

2) consumers would receive special notification of excessive credit inquiries. creditors would have to notify you when they are sending derogatory info in your credit file. Thank Rep. Gary L. Ackerman of N.Y. for this one!! :D

3) under this proposed bill consumers will have the right to recieve a credit score. and if you forget to ask for one the credit repositories are supposed to ask you. :D

4) rapid rescoring will be standard for mortgage loan decisions and a right to see your scores in this process will be available. :D

See Sunday L.A. Times Aug 17th in Real Estate Section

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Thanks, credithound. One thing not mentioned above, is how you'll be able to dispute through RESELLERs.

For more, see earlier posts on this:

"RESELLERS' (PG, et al) Feet to be held to the FIRE !"

"Extending FCRA Provisions..."

"Amending the FCRA: July 10, 2003"

"Senate Hearings on FCRA"

It's ACTUAL status is that it has been sent back from Committee mark-up and is due to be reported out to the HOUSE. Hasn't been through the Senate yet. H.R. 2622 Bill Status

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Yep. One thing I wish it would make it clearer that outfits like PG are resellers. Right now, FCRA defines resellers in a way that it's not so clear that PG would be one because it has to do with providing to third parties and you'd have to make the argument that consumerinfo.com resells to PG as a third party, then consumerinfo.com is the reseller.

I'm thinking of looking to see if my U.S. Rep. is on the sponsor list and maybe writing to critique of where they are on the drafting of FACTA so far.

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