Amendments to the Fair Credit Reporting Act: Hearing Before the Subcommittee on Consumer Affairs and Coinage of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred First Congress, Second Session, June 12, 1990 |
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Page 4
... inaccurate information , it can be very difficult for the consumer to have errors corrected . Corrections can take moths . Credit bureaus collect information by computer , but corrections have to be done by hand . Believe me when I tell ...
... inaccurate information , it can be very difficult for the consumer to have errors corrected . Corrections can take moths . Credit bureaus collect information by computer , but corrections have to be done by hand . Believe me when I tell ...
Page 5
... Inaccurate information should be corrected on both future re- ports and on reports issued within the past year . Currently , cor- rected reports are sent only at the request of the consumer . The FTC should be granted civil enforcement ...
... Inaccurate information should be corrected on both future re- ports and on reports issued within the past year . Currently , cor- rected reports are sent only at the request of the consumer . The FTC should be granted civil enforcement ...
Page 13
... inaccurate ? Dr. GUITON . It ranges from 1 percent , the industry's number , to about 40 percent if we look at the Williams ' study . Chairman LEHMAN . You say it is somewhere between 1 and 40 ? Dr. GUITON . Yes . Chairman LEHMAN ...
... inaccurate ? Dr. GUITON . It ranges from 1 percent , the industry's number , to about 40 percent if we look at the Williams ' study . Chairman LEHMAN . You say it is somewhere between 1 and 40 ? Dr. GUITON . Yes . Chairman LEHMAN ...
Page 26
... inaccuracy , from one to 40 per- cent . The numbers that we do have about inaccuracy range from 30 to 40 percent of information in people's files is inaccurate , incom- plete or outdated . People don't even know the information is inac ...
... inaccuracy , from one to 40 per- cent . The numbers that we do have about inaccuracy range from 30 to 40 percent of information in people's files is inaccurate , incom- plete or outdated . People don't even know the information is inac ...
Page 27
... inaccurate informa- tion , the information is inherently unreliable and the consumer re- porting company has an obligation to correct that information . They have an obligation before the consumer contacts them to do internal audits so ...
... inaccurate informa- tion , the information is inherently unreliable and the consumer re- porting company has an obligation to correct that information . They have an obligation before the consumer contacts them to do internal audits so ...
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Common terms and phrases
addition adverse action Affairs and Coinage AFSA amended application banks believe broker CBA and ABA Chairman LEHMAN charge complaints Congress Consumer Affairs consumer credit consumer reporting agency consumer's credit consumer's file copy correct cost credit bureaus credit card credit file credit grantors credit history credit information credit repair organization Credit Reporting Act credit reporting agencies credit scoring creditors customers denied credit direct marketing disclosure dispute enforcement ensure Equifax errors Fair Credit Reporting FCRA Federal Trade Commission GUITON HILER Honorable Richard inaccurate information inquiries legislation limit loan Lotus MarketPlace mailing mortgage NOONAN notice notify obtain opt-out payment permissible purpose person pre-approved problem procedures prohibit proposed protection receive records reinvestigation reporting companies request require response Rinaldo Schumer Section 604 solicitation statement Subcommittee on Consumer subscriber subsection sumer testimony Trans Union transaction U.S. PIRG users violation
Popular passages
Page 72 - consumer credit report" means any written, oral or other communication of any information by a consumer reporting agency bearing on a consumer's credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics or mode of living...
Page 672 - ... shall be fined not more than $5,000, or imprisoned for not more than one year, or both.
Page 94 - ... (2) in accordance with the written instructions of the consumer to whom it relates; (3) to a person which it has reason to believe: (a) intends to use the information in connection with a credit transaction involving the consumer on whom the information is to be furnished and involving the extension of credit to, or review or collection of an account...
Page 775 - There must be a way for an individual to prevent information about him that was obtained for one purpose from being used or made available for other purposes without his consent.
Page 767 - I hope this information will be helpful to you, and if I can be of any further assistance, please do not hesitate to call on me.
Page 88 - The views expressed in this statement represent the views of the Commission. My oral presentation and responses to questions are my own and do not necessarily represent the views of the Commission or any Commissioner.
Page 676 - Following: any deletion of information which is found to be Inaccurate or whose accuracy can no longer be verified or any notation as to disputed information, the consumer reporting: agency shall, at the request of the consumer, furnish notification that the Item has been deleted or the statement, codification or summary pursuant to subsection (b) or (c...
Page 403 - State bank, a federally chartered depository institution (including a national bank) or a depository institution whose deposits and accounts are insured by the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, or the National Credit Union Administration...
Page 246 - ... (2) not less than $100 or more than $1,000; except that in any case where the defendant establishes that the overcharge was not intentional...
Page 310 - Expenses of occasional public service efforts may be met, in part, by nonrestrictive, noncommercial contributions, grants and fees. In addition to reports on Consumers Union's own product testing, Consumer Reports.