Congress Likely To Reform National Credit Reporting Systems: “Congress Likely To Reform National Credit Reporting Systems”
By Sarah Borchersen-Keto
“A large percentage of consumers lack basic knowledge and understanding of the credit-granting process, according to testimony at a Senate Banking Committee hearing on July 29, 2003, before Congress adjourned for its summer recess. This is especially a concern given the responsibilities consumers bear under the Fair Credit Reporting Act (FCRA) with respect to the content and control of their credit reports. Provisions of the FCRA expire at year’s end, and Congress is debating their extension.” – It’s always a good idea to let customers know how their actions will effect their credit. – ed.