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Legislators Ponder New Credit Protection Laws
Legislators in Washington, D.C. are considering several credit-related consumer protections as outlined in The Fair and Accurate Credit Transaction Act of 2003 (H.R. 2622). If approved, consumers could benefit from the most wide-ranging changes to the rules covering consumers and credit in decades.
One of the most important changes would be the right to receive a free annual copy of your credit report, upon request, from the three major credit reporting agencies: Equifax, TransUnion and Experian. Currently only six U.S. states offer their residents this form of consumer protection. Federal law requires that a consumer may obtain a free copy of their credit report only if they have been denied a loan or credit based upon information contained in their credit reports.
Other highlights of The Fair and Accurate Credit Transaction Act of 2003 include:
At first glance this bill appears to offer valuable credit protections for consumers. However, there are others who feel this legislation either doesn’t do enough or even reduces consumer rights. The proposed federal law could replace tougher laws already in place in some states and that has consumer advocates concerned.
For an in depth analysis of H.R. 2622 by leading consumer advocates, visit http://www.privacyrights.org/ar/HR2622Analysis.htm
Lawmakers and consumer groups agree that changes need to be made to better protect consumers and their credit rights. Whether or not The Fair and Accurate Credit Transaction Act can address these concerns remains to be seen.
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