I think that the FCRA is rediculous. We all need to write our congressmen to try and change this. Here is the change that I propose the strongest, amoung many others. An automatic $10,000 fine when any mistake in reporting is made. I would be willing to bet that these people would stop making mistakes. Look what the FCC is doing to radio and TV. They don't get all these chances to fix their mistakes, and they still jack it up. Look at the weight of the offenses in both situations. Someone says sh$t on the radio, who does it hurt? Someone reports a derogitory account on my credit file, it could be extremely painful to me. I don't see why this isn't common sense. I don't see why the CRA's are given so many passes where the rest of the country pays fines. Look at my job, I work for the Federal governement in the US Navy. If I make a mistake at work, and someone gets hurt, I can go to prison. Even if nobody gets hurt, I would still be punished. I could lose pay, lose rank, or spend time on restriction to the ship away from my family for 30-45 days. This is something we all need to push for. With the amount of damage these companies can cause, it is unbelievable that they are barely regulated. Like Peter Parker said, "with great power comes great responsibility." And these people have all the power. Another possible change would be audits by the federal government. That could hold two purposes, to watch these scumbags, and create a bunch of jobs so we can get rid of the IRS and go to a flat tax.
There are TONS of cases you never hear about which consumers settle against reporting agencies and collection agencies for BIG MONEY!! Dont be discouraged by the $1000.00 statutory damages. This is JUST FOR VIOLATING THE ACT! Actual damages, PUNITIVE, etc is where the $$$ is at
