|Received:||5/18/2006 10:09:06 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:In my experience, the burden of proof is on the consumer. When inaccurate information has been reported on my consumer reports, I have had to send months trying to prove how the information is inaccurate. Thats easy to do if you are talking about a balance or credit limit but how do you prove that an account is not nor has ever been yours? Yes, verification/validation is suppose to have the collector prove that the account is yours, but all they provide is your name and social security and an amount. The consumer ends up spending valuable time and money reading consumer protection laws, writing the appropriate letters and spending money to send these letters CMRRR (if not the collector dosen't get it) just to try to have the correct information reported. The credit bureas constantly change their numbers or refuse to let you dispute more than twice...so they aren't any help. Consumers have to pay for their FICO score or to have unlimited access to their reports just to try and stay one step ahead of these companies. Information that is disputed should have a higher burden of proof on the company furnishing the information, not the consumer. How do you prove that Santa and the Easter Bunny aren't real?