House Financial Services Committee Holds Hearing On Credit Report Inaccuracies

The House Financial Services Committee wants to know why it is so difficult to dispute inaccurate information on your credit report. You can watch the hearing live thanks to a webcam connected to the tubes.

The hearing will examine factors that continue to contribute to inaccurate consumer credit reports and evaluate the adequacy of the consumer dispute process under the Fair Credit Reporting Act (FCRA). In addition, the Committee will hear recommendations for improving the process and efforts that furnishers, credit bureaus and the regulators are taking to improve the accuracy of credit report information and will review the status of key rule makings and studies mandated by the Fair and Accurate Credit Transactions Act of 2003 (FACTA) related to the accuracy of information furnished to consumer reporting agencies and the adequacy of the dispute resolution process.

Hot! The Committee will hear testimony from the FTC, the Federal Reserve, consumer advocates, and industry representatives. Not invited to testify: The Consumerist. Don’t worry Chairman Franks, you can invite us to the next hearing. — CAREY GREENBERG-BERGER

“Credit Reports: Consumers’ Ability to Dispute and Change Inaccurate Information” [Live Webcam]
Full Committee Hearing [House Financial Services Committee]

Comments

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  1. protest says:

    it’s about fucking time!!

  2. belch says:

    The friggin room is EMPTY!!! There are only like 5 people there.

  3. ACruzer says:

    Interesting. but it doesn’t seem to be doing anything. They’re just talking about this issues… Which I guess is a milestone. Talking about stale debt collection right now

  4. alpha says:

    Eh, nothing will happen. It’ll be just like the one they had a few years back about credit cards.

  5. ACruzer says:

    @alpha:
    What happened then?

  6. asynja says:

    How can you hold a hearing about credit reports and not invite CONSUMERS to testify of their experiences?

  7. hollerhither says:

    I had a pretty good experience disputing an item on my credit report recently (using Consumerist advice, thanks). Experian was fairly prompt in following up (it took about a month) and they ruled in my favor. Now I can stop complaining about that time 10 years ago that BoA changed my address without my knowledge, stopped sending my bills, and canceled my card. I’ll still never use BoA again, but I was pleasantly surprised at the positive result.

  8. Buran says:

    @ACruzer: Exactly.

  9. alpha says:

    @ACruzer:

    They talked about it in the documentary “Maxed Out”…basically all the fancy lawyers for the credit card companies said “but we ARE screening to make sure we get good candidates” and the director or whoever of one of the government financial offices (OCC maybe?) testified “Oh yes, there is no predatory marketing, they are doing everything to make sure people with good credit get credit cards”.

    Nevermind the huge bankrolling of certain political figures by banks/credit card companies…that had nothing to do with it….