senate Bill S. 1729
Should Consumer Reporting Agencies Include Information About Ongoing Disputes in Affected Consumers’ Credit Reports?
Argument in favor
Current mechanisms for correcting inaccuracies in consumers’ credit reports are inadequate, slow, and difficult for consumers to navigate. They can impact consumers’ ability to receive credit and the terms of credit they receive. Credit reporting agencies should be required to include dispute information in consumers’ reports to ensure consumers affected by this problem aren’t harmed by it while their disputes are being resolved.
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10/09/2019
YES, since so much rides on a persons credit history, any disputed claims should at least be noted. It would highlight to banks, for example, that some charges are disputed and allow folks to at least make an argument for better lending rates. If nothing else, it would help encourage credit reporting services to ensure their reporting is accurate. I have a few discrepancies in my report but have not 'dug-in' to fight them because I use so little credit anymore that it just isn't worth the effort. It sure would have helped in my younger days, however.
10/09/2019
Absolutely! I am in the middle of a dispute right now, and the time and energy I must spend to correct all three credit reporting agencies and the stupid creditor who allowed another person to take out a credit card in my name and overspend and not pay the balance is utterly ridiculous! If the mistake was mine, I would own it and do all the work gladly. But the fact that a company that makes a mistake has no requirement to correct that error promptly and without the victim’s having to pursue them is wrong. I have cards with Chase Bank, and they are always responsive and correct my issues without problems or delays. Not all creditors are created equal. A law like this is surely needed!! I urge my legislators to support this bill!
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10/09/2019
This is long overdue. Credit report agencies have become more powerful than the entities that use them, and credit reports and collections agencies are their foot soldiers. We do have the fair credit act that has no power. The Credit reporting agencies have absurd rules and the consumer response is unknown to most.
Argument opposed
Consumers with errors on their credit reports already have mechanisms for reporting these errors and having them resolved, so there’s already a route for resolving credit report errors. Additionally, only 5% of errors on consumer credit reports affect consumers’ ability to receive credit or the terms of credit that they’re offered — so the magnitude of this problem is quite small.
10/09/2019
More government is never the right answer. You have power and resources available to you as a consumer, no need to allow the government to further infiltrate our lives.
Credit scores are just one of many side effects of living in a debt based banking/slave system.
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10/09/2019
No. Regulate regulate regulate. Those liberal socialist hypocrite Democrats want to control you from the crib to the grave and take your hard earned $$$ in between.
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10/10/2019
You should not be able to use Facebook credit scores or any form of personal information to judge someone for gainful employment. There is no privacy left in this world unless you are a politician or part of the lucky sperm club
YES, since so much rides on a persons credit history, any disputed claims should at least be noted. It would highlight to banks, for example, that some charges are disputed and allow folks to at least make an argument for better lending rates. If nothing else, it would help encourage credit reporting services to ensure their reporting is accurate. I have a few discrepancies in my report but have not 'dug-in' to fight them because I use so little credit anymore that it just isn't worth the effort. It sure would have helped in my younger days, however.
More government is never the right answer. You have power and resources available to you as a consumer, no need to allow the government to further infiltrate our lives.
Credit scores are just one of many side effects of living in a debt based banking/slave system.
Absolutely! I am in the middle of a dispute right now, and the time and energy I must spend to correct all three credit reporting agencies and the stupid creditor who allowed another person to take out a credit card in my name and overspend and not pay the balance is utterly ridiculous! If the mistake was mine, I would own it and do all the work gladly. But the fact that a company that makes a mistake has no requirement to correct that error promptly and without the victim’s having to pursue them is wrong. I have cards with Chase Bank, and they are always responsive and correct my issues without problems or delays. Not all creditors are created equal. A law like this is surely needed!! I urge my legislators to support this bill!
This is long overdue. Credit report agencies have become more powerful than the entities that use them, and credit reports and collections agencies are their foot soldiers. We do have the fair credit act that has no power. The Credit reporting agencies have absurd rules and the consumer response is unknown to most.
Yes. Currently, it is very difficult to determine the inaccuracies in credit reporting and very difficult to get them corrected. The credit reporting companies, as for profit organizations, not only have the responsibility to maintain accurate records but also to be able to correct their errors in a timely fashion.
The consumer has to have the ability to challenge what is in the credit report, especially in these times if identity theft.
Absolutely. Any measure that gives more power and transparency to the people only helps consumers. In the wake of increasingly frequent data breeches there are bound to be more and more people in need of the ability to fight for themselves to correct inaccurate information that directly impacts their lives.
The entire credit system is broken. It needs to be squashed and redone from the ground up.
PLEASE SC SENATORS GRAHAM AND SCOTT...JUST DO SOMETHING IN THE “Best interest of your constituents” and NOT YOUR OWN.
Yes. Support Amy Klobuchar’s bill. Vote yes.
Yes, so that anyone looking at someone's report knows the data in question may very well be inaccurate and misleading.
Those disputes affect people’s credit scores so this bill makes good sense.
Singinghawk926, you need to freeze your accounts with all three credit agencies. Makes a HUGE difference. No one can access your credit without you, first, getting a one-time pin allowing them to do so. You must advise the persons needing this information not to bother to check your credit, until you get a pin, but a little inconvenience goes a long way, considering the consequences!
I believe it only cost $5.00 to do this, if anything. I did this years ago, so I can’t recall. It was not real difficult to do either...
Yes. We need to give more transparency and power to the people - any measure that does this is beneficial.
Yes, these companies actually control our lives. With that transparency is a must. To have such power over all Americans has to be open with us so we can achieve our personal goals.
Yes it’s been needed for years everyone at one time has a bad report mess up their credit and may take months to clear up
Liberals seem to have issues in every aspect of their lives. They can’t keep a job, are all drug addicts, can’t pay off their student loans, don’t want to contribute to their retirement plans, don’t know their gender from day to day, and can’t afford/don’t want a house (rent control).
Not your Daddy.
Everything revolves around our credit scores so yes it should be noted that negative reports on credit scores are being disputed.
Credit reporting leans to the worst scenario and we are left holding that bag.