House Financial Services Committee Holds Hearing On Credit Report Inaccuracies

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