Business Groups Lobby To Extend US Credit Reporting Laws I came across this article on the Dow Jones business wire regarding, among other things, possible changes to the FCRA. This could affect ALL of us. I'd be interested in feedback from the experts here. You'll find the article at: http://biz.yahoo.com/djus/030411/1502000508_1.html
poor babies. For example, a failed 1999 bill in Montana would have required credit reporting bureaus to remove delinquent payment information from a consumers' file once the debts they fell behind on were paid off, according to the Consumer Data Industry Association, which represents Equifax, Experian and other credit bureaus- WOULD BE SWEET
Following up on Picantel's post: Hasn't someone posted a link to a New York State law that a paid collection is listed for 5 years as opposed to 7?
Hmmm. It says renewing the FCRA will prevent states from enacting tougher legislation. I thought many states already had tougher consumer credit laws?
What I gather from the article is that the lobbyists (including our friends at MBNA and Household) are more concerned with those states (such as Montana) enacting more LENIENT credit reporting laws. Something tells me that the lobbyists are NOT on the side of the consumer. Any comments?
FROM : http://biz.yahoo.com/djus/030411/1502000508_1.html But it's also important to know that you missed payments for a period of time. If that information is expunged, then how is a lender supposed to know" the credit risk ----------------------------- Credit Reports and Scoring is a poor place for any business to find any hint about the true character of a consumer. The END ************************* LB 59
1*the FCRA will prevent states from enacting tougher legislation 2* I thought many states already had tougher consumer credit laws? pnwman ============ 1*FCRA never has prevented this. 2*Right but states are free to make stricter laws. The END ************************* LB 59
