Some senators are kicking around the idea of amending the Fair Credit Reporting Act.
According to InsideARM, a collectors' advocate site, the proposed law (the Stop Errors in Credit Use and Reporting (SECURE) Act of 2014) would:
- Direct the Consumer Financial Protection Bureau to establish standards of accuracy to apply to the credit bureaus
- Simplify and expand the dispute process
- Allow consumers to access their credit score for free
- Allow consumers to sue for injunctive relief, in addition to statutory damages
- Require additional disclosures from data furnishers, and specifically debt collectors
The bill has been proposed by Senators Brian Schatz (D-HI), Sherrod Brown (D-OH), Bernie Sanders (I-VT), Elizabeth Warren (D-MA), and Richard Blumenthal (D-CT), in other words, a Democratic consumer advocate dream team with little-to-no chance of rallying support in the Senate, much less passing the bill in the House.
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