Lawmakers Want To Fast Track Rules To Ease Consumers' Correction Of Bad Credit Report Data
from the credibility-and-credit-ability dept
One of the lingering effects of identity theft is the long-term damage it can do to a victim’s credit report, mainly because it’s extremely difficult to correct wrong information that credit agencies and other personal-data collectors keep. And from the looks of things, it appears that they’ve got plenty of incorrect information. This is just one issue facing credit agencies, who are coming under fire from consumers and lawmakers for these sorts of issues, while lenders are increasingly unhappy with their practices as well. The credit agencies’ response has generally been to circle the wagons and resist any changes, but now there appears to be growing momentum in Congress to force credit bureaus to make it easier for consumers to correct incorrect information on their credit reports, as well as to make efforts to ensure that the companies furnishing credit information are submitting correct info. Unsurprisingly, the credit bureaus say that any new rules are unnecessary, and that the number of errors is declining, though some will be inevitable. It’s still hard to believe that these companies would resist measures to make their information more accurate — unless, of course, so much of it is wrong that exposing the depths of their inaccuracy would be detrimental to their business.