|Received:||11/5/2004 4:43:57 PM|
|Agency:||Federal Trade Commission|
|Rule:||Advance Notice of Proposed Rulemaking, Request for Comment|
|Docket ID:||RIN 3084-AA94|
Comments:1. I believe that consumers should be granted one free report, including credit score, per year because: a. The credit bureaus are far from perfect or accurate in how they report information, often mixing unrelated information into one's report and requiring the wronged consumer to bare the brunt of correcting the information. If consumers had free annual access to their collected information, they would be able catch mistakes quicker and correct them. b. It doesn't seem right that I should have to pay to see (proactively) if information collected on me is correct and I don't agree that I must be denied credit, or insurance, or a job before I am eligible for a free report. c. Businsess that rely on the credit bureaus to approve or deny a consumer credit, insurance, a job, etc. should bare the cost of the free annual report. Currently, business that subscribe to credit reporting agencies pay pennies on the dollar for a credit report compared to the cost charged to the consumer for the same information. Of course, if the consumer wants the all important "credit score" as part of the credit report, the credit reporting agencies charge the consumer an "additional fee", whereas the credit score is part and parcel of the report delivered to the business customer at no additional charge. 2. If a fee is to be charged to the consumer, it should be one that is fair and reasonable compared to the fee charged to businesses for the same information. Currently, consumers may pay up to seven times what business pay for their credit reports. The fee should also be fully refundable should there be gross errors on the report that require the consumer's time and efforts to correct.