Rep. Frank is stepping up to the plate for Team Consumer!

| No Comments | No TrackBacks reports that Rep. Barney Frank (D-Mass) pledges to hold hearings to investigate the credit reporting industry. He has jumped into this New Year promising to look into why inaccurate credit reports are so hard to correct ,and why correcting inaccurate credit is so time-consuming and widespread.

For many years consumers have been used as unpaid, quality control experts charged with overseeing and maintaining a product (us) that they sell for profit. The lender points a finger of blame for damaging inaccuracies at the credit bureaus and the credit bureaus, in turn, place blame on the lender. While the blame game thrives, consumers are faced with higher interest rates and insurance premiums, denied loans and jobs. Equally as aggravating - it often takes years and countless attempts to remove erroneous information once it finds its way into your life.

It's not time to dance in the streets yet -but Rep. Frank has lit a small torch of hope that with any luck can spark a fire under those who have the ability and responsiblity to hold the credit industry accountable for ensuring their multi billion dollar industry sells a product that isn't faulty.

Think about it...what other industry is allowed to sell a product on the market that requires the consumer to purchase it, inspect it, monitor it and fix the consumer's expense?

See article By Martin H. Bosworth January 1, 2007

Rep. Frank Promises Hearings On Credit Bureaus
Consumers Complain of Delays in Correcting, Updating Credit Reports

Observers had predicted that reforming the credit industry would be a prime objective of the new Democratic Congress, and Rep. Barney Frank (D-Mass.) is taking up the challenge.

Rep. Frank, the incoming chairman of the House Financial Services Committee, says he will hold hearings in 2007 on how the credit bureaus can improve their reporting and error-correcting procedures. More...

No TrackBacks

TrackBack URL:

Leave a comment

A memoir exposing the steep price consumers pay when facing mortgage servicing errors, inaccurate credit reporting, illegal debt collection practices, identity theft and weak consumer protection laws. THE BOOK » DENISE'S STORY »