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Tinkering with the Fair Credit Reporting Act?
Posted on Jul 10, 2006 by Tom Fragala
I came across this letter from a group of financial services companies called the Coalition to Implement the Fact Act. It appears they hope to water down the FACT Act (which amends part of the FCRA) or at least how it is enforced. Their letter to the Federal Reserve can be found here. Here’s an excerpt (my emphasis):
…“we do not believe that there is significant room for improvement with respect to the accuracy and integrity of the information furnished to CRAs. Yet, any significant compliance burdens imposed on Furnishers could result in significantly less information furnished to CRAs. Therefore, well-intentioned attempts to make marginal improvements to the system have significant potential to be counterproductive, doing more harm than good…”
The coalition has some very big guns: credit bureaus, American Financial Services Association, Mastercard, JPMorganChase, community bankers associations, FairIsaac, National Retail Federation.
Filed under: Credit
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