More on congressional hearing on credit accuracy
The fourth estate
"Congress urged to speed up laws on credit industry" - "The hearing was called in response to a Globe Spotlight report in December that exposed the uphill battle encountered by many consumers when they seek to remove inaccurate information from their credit files... The report found that some consumers had repeatedly been denied mortgages and car loans because of debts listed on their credit report that they never actually incurred." - Boston Globe
(The House Financial Services Committee chairman is from Massachusetts)
"FTC, Fed Criticized Over Credit Reports" - "'So many years to accomplish a congressional task is unacceptable and ridiculous,' Rep. Carolyn B. Maloney (D-N.Y.) said during the House Financial Services Committee hearing... 'The problem of Fed inaction is a consistent theme.'" - Washington Post
"US lawmakers chide regulators over credit reports" - "'The problem of Fed inaction seems to be a consistent theme ... I'm very concerned. The mandate is very important,' she [Carolyn Maloney, D-NY] said." - Reuters
"Law little help in fixing credit data" - "[Consumer Data Industry Association's Stuart] Pratt countered that the law had helped consumers but needed to be given more time to work as intended... Rep. Barney Frank (D-Mass.) said that if the federal agencies were unable to forge an agreement on the remaining regulations demanded by the act within three months, he would sponsor legislation to give jurisdiction to the FTC." - LA Times
"Mistakes that aren't so harmless" - "The risk of an occasional lawsuit appears not to have overcome these economic incentives," she [Chi Chi Wu, National Consumer Law Center] said. - MarketWatch
U.S. House of Representatives Committee on Financial Services hearing
"Will Examine Consumers’ Ability to Dispute and Change Inaccurate Information"
Includes video. Equifax, Experian and TransUnion conspicuously absent.