|Received:||11/4/2004 7:16:54 PM|
|Agency:||Federal Trade Commission|
|Rule:||Advance Notice of Proposed Rulemaking, Request for Comment|
|Docket ID:||RIN 3084-AA94|
Comments:I feel that the credit reporting companies already charge too much. I just paid $9 each to the 3 major reporting companies to obtain comprhensive reports. If I wanted my score it would have been more. This is after obtaining online reports from one company, at no charge, based on information that they provided to a potential lender who denied me. In each companies report I have found information that was incorrect, out of date, or not even my record. In as much as these reports are no longer used solely for obtaining loans, and it's the general public's responsiblility to ensure accuracy in the reports, it becomes a financial burden to request credit reports every 90 to 180 days to ensure that incorrect information has not been entered. Your employment future could depend on the accuracy of this information. The concept of obtaining a free copy from the credit reporting company after you have applied for credit and been denied is noteworthy, but what about the other companies from whom reports were not requested. At that time how does one find out what information they have, without spending hard earned cash. So here we have it, spend at least $27 dollars every couple of months checking that these credit reporting companies are doing a fair job to both the lenders and consumers or request credit every couple of months, hoping to be denied, so that we can get the report, or a scaled down version, for free. It is my opinion 1. Consumers should be able to obtain his/her credit report with credit score at no charge. 2. Institutions seeking credit information on an individual for what ever reason, (extending credit, employment, etc) should be paying for this service. Credit bureaus evolved because of these companies. 3. Credit information companies should be held responsible and liable for the information that they gather. Inaccurate information can injure an individual financially.