Should We Update The Fair Credit Reporting Act (FCRA)

The Fair Credit Reporting Act or the FCRA was founded in 1970 by the U.S. Federal Government legislation and enacted to promote the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies. It was intended to protect consumers from willful and/or negligent inclusion of inaccurate information in their credit reports. Along with the Fair Debt Collection Practices Act (FDCPA) the 2 organizations form the foundation of consumer rights law in the United States, and both are enforced by the U.S. Federal Trade Commission, the Consumer Financial Protection Bureau and private litigants.

First and foremost I would love to know who these “private litigants” are, and how they are elected or chosen! In 2015, (which by the way was the first study done in 35 yrs) a study was released that 23% of consumers were able to identify inaccurate information reported to their credit reports. First of all that is just what consumers saw or new what to look for…there’s much more than that, if they were properly educated on what to look for! 23 out of 100 people! Again 23 out of 100 people, lets scale that to everyone in the U.S. (you do that math) that is a ridiculous amount of fraudulent, inaccurate or insufficient information that is being reported and recorded. We need to do something about this.  If our Federal Government is going to allow 3 independently owned businesses (credit bureaus), to hold and have the much information or power, (which i see nothing wrong with), then in my opinion, they need to be allot more thorough on how, and how often they do their investigations.

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