Needed Changes to the Credit Reporting System and Fair Credit Reporting Act

Needed Amendments to the Fair Credit Reporting Act, 15 U.S.C. 1681 et seq.


The Fair Credit Reporting Act was initially enacted at a time when computers had only recently become commonplace in the credit reporting industry.  But even in its infancy, the credit reporting industry already showed signs that the unregulated and unsupervised use of computers held the potential to wreck havoc on the lives of consumers.  Some 30 years later, the credit reporting industry argued that the statute needed to be updated "to protect consumers" from the immanent sunset of this protective statute.  In the wake of those updates, the Fair and Accurate Credit Transactions Act, provided some much needed protection from the new wave of identity thefts.  But, many of those protections remain fire walled from use by the consumers who they were intended to protect.

The following is a listing of corrections needed to allow this statute to fulfill its mandate of protecting consumers.

  1. Liability for Disputes to Banks, Finance Companies, and other Data Furnishers
  2. Private Right of Action for Failure to Send Adverse Action Notices
  3. Declaratory and Injunctive Relief
  4. Right to Sue Companies Who Withhold Credit Information from Identity Theft Victims
  5. Strict Liability for Providing Data on the Wrong Consumer
  6. Liability for Credit Bureaus who Refuse to Publish Data on Consumers
  7. Liability for Retaliation by User, Furnishers, CRA's and Resellers
  8. Definitions of Furnishers, Users, and Afilliates
  9. Central registry for report requests and disptues
  10. Central Alert center
  11. Notice to Consumers of Address Discrepancies.


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