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Legislators Ponder New Credit Protection Laws  by: James H. Dimmitt Legislators in Washington, D.C. are considering several credit-related consumer protections as outlined in The Fair and Accurate Credit Transaction Act of 2003 (H.R. 2622). If approved, consumers could benefit from the most wide-ranging changes to the rules covering consumers and credit in decades. One of the most important changes would be the right to receive a free annual copy of your credit report, upon request, from the three major credit reporting agencies: Equifax, TransUnion and Experian. Currently only six U.S. states offer their residents this form of consumer protection. Federal law requires that a consumer may obtain a free copy of their credit report only if they have been denied a loan or credit based upon information contained in their credit reports. Other highlights of The Fair and Accurate Credit Transaction Act of 2003 include: special notifications whenever excessive inquiries (credit checks by potential lenders and creditors) are lowering your credit scores significantly; notification by creditors whenever they are sending derogatory account information to any of the national credit reporting agencies; blocking negative credit information caused by an identity thief from reappearing on credit reports; mandating creditors to establish guidelines to prevent them from issuing credit deemed likely to be fraudulent; the disclosure of credit scores used in connection with loan application decisions and an explanation of the key factors that were used to determine that score; requiring the disclosure of the name, address, and telephone number of businesses that supply information to credit bureaus. At first glance this bill appears to offer valuable credit protections for consumers. However, there are others who feel this legislation either doesn’t do enough or even reduces consumer rights. The proposed federal law could replace tougher laws already in place in some states and that has consumer advocates concerned. For an in depth analysis of H.R. 2622 by leading consumer advocates, visit http://www.privacyrights.org/ar/HR2622Analysis.htm Lawmakers and consumer groups agree that changes need to be made to better protect consumers and their credit rights. Whether or not The Fair and Accurate Credit Transaction Act can address these concerns remains to be seen. About The Author © 2003, www.yourfreecreditreportnow.com James is editor of “To Your Credit” a FREE weekly newsletter for consumers. You can subscribe at http://tinyurl.com/bgo9 jimdim815@aol.com This article was posted on September 21, 2003 Read More Articles from the "Family" Category: New Hope for Old Farmers: Americans Long For Life 'Down on the Farm' by LeAnn R. Ralph Why We Laugh! by FreeCoolJokes Group Turf Wars: Author/Landlord Offers a Few Words of Advice for Tenants by Dan The Roommate Man Saving Money on your Long Distance Bill by Emma Lee Super Solutions for Gift Giving by Marilyn Bohn Coping With The Emotional Challenges Of Caregiving A Parent by Dana Sanders Alcohol, a Drug that is Overlooked by Samuel Durand Tips For Buying Easter Lilies by Gray Rollins Your Cat The Hunter... by Larry Chamberlain Term Life And Whole Life Insurance by Ivon T. Hughes << Back to "Family" Index

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