|Received:||5/18/2006 8:31:42 PM|
|Subject:||Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies|
|Title:||Advance Notice of Proposed Rulemaking|
|CFR Citation:||16 CFR Parts 660 and 661|
Comments:Collection Agencies have the right to report on a consumer's credit report, but often report incorrectly. There are federal guidelines, but no federal licensing. Only some states require licenses for these companies. How can an unlicensed entity effect a citizen's rights so directly? In order for a citizen to take action against said entity they must bring suit and spend valuable time and money (that they often don not have)against a million dollar corporation. The US Government needs to require these companies to be licensed and document their actions. It is unfair that the David must still battle Golliath in this day & age.