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Author: numbrel Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308367  
Subject: Potentially Good News Date: 7/17/2003 10:00 AM
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A new bill just passed out of sub-committee, HR 2622, the Fair and Accurate Credit Transaction Act of 2003.

Main bits are:
-enable consumers to block fraudulent information in their personal credit records after filing a police report;
-Improve the accuracy of consumer credit information by discouraging the reintroduction of fraudulent information into the credit reporting system;
-giving consumers the right to request a free credit report annually;
-Enlist financial institutions' support in fighting identity theft by requiring them to develop procedures to “red flag” identity theft, investigate certain changes in customer addresses, and truncate credit and debit card information;
-Direct regulators to determine how to increase the prompt investigation and correction of disputed information in a consumer's credit file.
-would require the disclosure on consumer credit reports the name, address, and telephone number of businesses that supply information to credit bureaus.
-would require financial institutions to notify the consumer if they will be supplying negative information, such as late payments or defaults, to credit reporting agencies.
-would require credit reporting agencies and mortgage lenders to provide consumers with credit scores and an explanation of the key factors that were used to determine that score.!!!!!!!!!!!!!!!!!!!!!!

It will be interesting to see how much of this actually makes it through the whole process. If you care, you can track it through http://thomas.loc.gov/

And don't forget to write, call, email, or fax your representative/senator to support it.

Barbara
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