Today Rep. Maxine Waters (D-CA) will introduce the Fair Credit Reporting Improvement Act of 2014. If passed, the Act would result in the most aggressive overhaul of the Fair Credit Reporting Act since 2003 and change the landscape of over 650,000,000 consumer credit reports and credit scores almost overnight. The Act would require the following take place:
Fair Credit Reporting Improvement Act of 2014
Regarding the amount of time an adverse item can remain on a credit report:
All adverse real estate loans (those in foreclosure or otherwise derogatory) would have to be removed from consumer credit reports if the CFPB or FTC deemed them to be caused by deceptive lending practices.
Regarding credit scores:
Regarding credit report disputes with credit bureaus:
Regarding credit report dispute investigation standards and practices:
NOTE: Most of the above investigation standards already occur.
Regarding the use of credit reports for employment screening:
Regarding the sale of services by credit bureaus to consumers:
NOTE: This appears to be in response to consumer complaints about being charged for subscriptions services by the credit bureaus after their trial or promotional free period has ended.
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