I received an email form my Congressman and he indicated to me that H.R. 1176 is being introduced to the Committe on Financial Serivces and I suggest others read it. it can be found at www.house.gov If enough of us take the time to write and inquire about this bill maybe it can be passed. It proposes major changes for the FCRA. Just wanted to bring it everyone's attention. Cypri
Here is a link: http://thomas.loc.gov/cgi-bin/bdquery/D?d107:85:./temp/~bdBriz:: If this doesn't work, just go from the main link to committees, finance, 107th congress, then search for 1176.
Summary of bill: Fair Credit Reporting Act Amendments of 2001 - Amends the Fair Credit Reporting Act (FCRA) to mandate that, upon consumer request, a consumer reporting agency: (1) furnish an annual credit report free of charge; and (2) disclose credit risk scores or other predictors contained in the consumer's file, including the factors and relative weights taken into account, and the extent to which such factors raise or lower the score or predictor. (Currently such scores are exempted from disclosure.) Prohibits the inclusion of certain small debts in a consumer report under specified circumstances. Directs the Board of Governors of the Federal Reserve System and the Federal Trade Commission to: (1) monitor and review the extent to which consumer reporting agencies and purveyors of information to such agencies comply with FCRA requirements for the prompt investigation of matters in dispute and the prompt correction of inaccurate or incomplete information, or information that cannot be verified; and (2) present a progress report to Congress.
I am sorry about the confusion. But Keltexx, you are right on the money! I just thought it might prove interesting to read about proposed changes to FCRA. Cyprigirl
if many on this board can drop a note to their congressman or senator about this bill, maybe we can get a law that really works for the consumers. Just my 2 cents! Cyprigirl
http://www.house.gov/financialservices/92100toc.htm The record says that it was referred to the House Committee on Financial Services on 3/22, and to the Subcommittee on Financial Institutions and Consumer Credit on 4/10 (3 months ago). What did your representative say?
Greg, he said it is still in the committee but he expects it to come to the floor for a full vote very soon. I will definitely try to find who sits on the committee and I advise others to find out as well. Maybe public pressure can help speed things along. Cypri
I like it. Especially the part about debts for under $100.00 . This can happen to any consumer for the silliest reasons. There should be some flexibility somewhere and this is a good start.
The bill has only two cosponsors. The bill in the last session from Ford had 13. http://thomas.loc.gov/cgi-bin/bdquery/z?d106:h.r.4644: This one had eight: http://thomas.loc.gov/cgi-bin/bdquery/z?d106:h.r.2856: If sponsors are a major factor, how many are usually found on bills that pass?
I don't think that there is a specific amount, but most of the times from what I have seen its usually 2 or 3 congresspersons who sponsors the bill. Cyprigirl
We should contact our Representatives and tell them we want the FCRA improved more than this, with enforcement powers somewhere besides the courts, and stiffer penalties for violations. The FTC doesn't do much unless it's massive offenses. And the Federal Reserve? - I mean really!! Get serious. What are they going to do? Who is going to enforce this? Us? Same old same old. Write your congressman, tell him this is nice, we like it, but we want more. Go here: http://www.house.gov/writerep/ enter your state and zip code, then click on "submit" fill in the form, click "continue" an email form appears. The bill is HR 1176 breeze of course, when did they ever listen to us? we don't send them enough money to get them to listen to us...
I wrote back to him today and I did indicate that there needs to be stiffer enforcement and more clarification of the provisions. Personally, I think the whole thing needs to be overhauled. But I am sure the lobbyists are not going to let that happen anytime soon. Just my two cents! Cypri
Cypri, I agree. And I think the consumer movement on the internet is going to be the thing that effects change. Information is power. They can no longer keep their secrets "secret." I vote, I go through the motions. But the "Boston Tea Party" is alive and well on the internet. breeze
This is a good site I think the readers of this thread might like to read: http://www.pirg.org/consumer/credit/index.htm
