Newspaper article St Louis Post-Dispatch (MO)

Finally Fixing Up Credit Reports

Newspaper article St Louis Post-Dispatch (MO)

Finally Fixing Up Credit Reports

Article excerpt

At last, after a four-year struggle, the Senate has passed legislation to update the Fair Credit Reporting Act of 1970, which was designed to cope with abuses by credit companies before the age of computers. The abuses are worse today, requiring a tougher law. Now, if the House goes along, there will be one.

Sens. Christopher S. Bond and Richard Bryan of Nevada sponsored the measure the Senate endorsed by the overwhelming majority of 87-10. It would require credit companies to provide free credit histories once every two years to anyone who asks. Other requests could cost no more than $3, a great improvement over the $10 to $25 that credit agencies charge today.

More important, when consumer credit histories contain errors, as they often do, the burden of proof would be shifted from consumers to the companies. Credit bureaus would be required to correct mistakes and eliminate unverified information within 30 days.

Moreover, the banks, retailers and other creditors that supply information to credit concerns would be responsible for the accuracy of their data. …

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