|Received:||5/20/2006 11:55:02 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:During reviews of my credit reports I have found many mistakes, accounts not reporting correctly or not mine at all. This hurts my credit and I'm sure many other people are going through the same thing. Going to the credit reporting agencies is a nightmare, they seldom car what you dispute and most of the time send you a random form letter saying its been investigated and it stays on your report. For the most part they do not check the inaccuracies nor make any attempt to correct it, yet they are quick to sell your information to the creditor who is reporting the false information. Credit reporting agencies, creditors and third party debt collectors all need to be held more accountable for what they report. They are messing with peoples lives everyday causing many to not get the home they want or having to pay a much higher interest rate. The only recourse consumers have is to try and become educated about their rights, spend many months battling to get the information corrected and finally to end up in court because the companies who handle the reporting aren't doing their job.