ALERT: All consumers who encountered problems with their disputes with credit bureaus, creditors or collectors should submit their experiences to the Federal Reserve Board.
(PRWEB) September 13, 2004—The Fair and Accurate Credit Transactions Act of 2003 (FACT Act) requires the FTC and the Federal Reserve Board to study issues relating to the prompt investigation, completeness, and correction or deletion of information reported to credit reporting agencies.
Consumer activist Christine Baker is publicizing this opportunity to influence legislation and regulations because usually only the credit bureaus, creditors and collectors submit their comments, obviously not in favor of consumers.
It is very important that consumers submit their comments by 9/17/04 with the subject “Docket No. OP-1209.” Unfortunately, regulators ignore most consumer complaints unless received in response to their request for public comments and they refuse to enforce consumer protection laws. Ms. Baker will also ask the members of the Senate Finance Committee and House Financial Services Committee to review at least some of the comments.
This is a rare opportunity to have your voice heard at the highest level and to tell the Federal Reserve Board and legislators about your problems with the credit bureaus Experian, Equifax, Trans Union, CSC or other affiliates (CRAs), creditors or collectors.
A few examples of common problems:
- Experian refusing your disputes as “previously investigated”
- CRAs refusing your telephone disputes unless you purchase a report
- CRAs providing you with INCOMPLETE credit reports
- All tri-merged (3-in-one) reports are missing lots of data
- split files / merged files / mixed files
- Equifax deleting positive accounts when it deletes derogatory accounts
- CRAs refusing to correct credit data in response to your factual disputes
- Capital One and Target not reporting the credit limits, lowering the credit scores
- Creditors verifying INCORRECT information
- Creditors refusing disputes entirely (some collectors) or requiring that you submit current credit reports with your dispute. (Wells Fargo, Providian)
- Experian and Trans Union not providing you with deletion dates for derogatory data (7 years from the DLA at Equifax)
- Regulators such as the FTC, OCC, FRB ignoring your complaints.
Please tell the Federal Reserve Board about your problems and how credit reporting impacts on your enjoyment of life!
Subject: Docket No. OP-1209
E-mail: regs.comments@federalreserve.gov
fax: 202/452-3819 or 202/452-3102
Comments already received by the Federal Reserve Board may be reviewed at http://www.federalreserve.gov/generalinfo/foia/index.cfm?doc_id=OP%2D1209
Additional details about the Federal Reserve Board request for public comments are posted at Fight Back!!! Forum at http://www.fight-back.us/forum/index.php?showtopic=118
The Federal Reserve Board request for public comments: http://www.federalreserve.gov/boarddocs/press/bcreg/2004/20040805/default.htm
Ms. Baker also maintains http://bayhouse.com, http://creditforum.org/ and http://creditfactors.com/
The 2004 Credit Suit blog http://creditsuit.org/ features updates about credit litigation, regulatory complaints, legislative efforts and credit news.
The Fight Back!!! Forum at http://www.fight-back.us/forum/ contains screenshots and audio files documenting many CRA and creditor violations as well as efforts to get regulators and legislators to enforce consumer protection legislation.
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