Saturday, April 20, 2024

ALERT: Credit Reporting Agency Study Underway (Let Yourself be Heard!)
by Gerri Detweiler
A consumer educator and advocate, Gerri Detweiler has been helping Americans solve their credit problems for more than a decade. She is the author of The Ultimate Credit Handbook (Plume, 1993, revised 2003), which was featured in Money magazine as one of the five best new personal finance books of the year when released. You can reach Gerri by visiting her web site or listening to her radio show.

Gerri Detweiler

Have you disputed an item on your credit report with a lender or credit bureau? If you've found the process frustrating or difficult, now is your chance to speak up!

The Federal Reserve Board is collecting public comments on the accuracy of credit reports, as well as about the effectiveness of the dispute process. Comments will be compiled in a report to Congress. It is very important that consumers be heard in this process.

You'll see the press release with a link to the full document here.

Email your comments to the Federal Reserve or fax them to 202-452-3819. Important: You must include docket #OP-1209 in the subject line.

Please note that your personal information will not be edited out of published comments, so be careful not to include account numbers, Social Security numbers or other confidential information. However, you should be as specific as possible about any problems you have encountered.

I would appreciate a courtesy copy of your comments. Please email them to me--thanks!

The study focuses three key topics related to how credit reporting agencies and furnishers of information (lenders, collection agencies, etc.) are complying with the federal law with regard to:

1. Are they promptly investigating consumer disputes and responding to consumers within the required timeframe (usually 30 days)? 2. Is the information furnishers supply to consumer reporting agencies complete? 3. Are they promptly correcting or deleting inaccurate (or incomplete) information, or information that can't be verified?

Three problems we've seen recently while helping subscribers with their credit reports are that:

a. Some credit card issuers don't report account limits, so you may appear to be utilizing more of your available credit than you actually are, and that can hurt your credit score, b. Some furnishers (especially collection agencies and courts reporting judgments or liens) don't provide contact information so the consumer dispute the information directly with those providers c. Collection agencies aren't reporting the original date the account became delinquent, which is critical in determining how long those accounts remain on the credit report.

Your comments must be received by September 17, 2004. Send them now!

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