Sherrod Brown Backs Bill To Help Consumers Battle Credit Reporting Agencies
Saying that too many Ohioans are contacting his office reporting problems with credit reporting agencies, Sen Sherrod Brown has introduced a bill that would require credit bureaus to improve their investigations and remove inaccurate data from their records.
"About one out of five people have had problems with their credit report, including inaccurate information they had nothing to do with," Brown told 10TV. "About a fourth of them have run into problems trying to fix it. They had their credit denied, problems getting a job in part because of their credit rating."
Brown wants the credit bureaus to disclose more information to consumers and better investigate disputes regarding inaccurate reports.
"I think every one of my colleagues, regardless of party, have had people call them and say, 'you understand what it's like to have to be on hold for an hour and then call the next week and week after and have your credit compromised?'" said Brown. "Reporting agencies just have to do better and serve the public."
The bill would also provide a free credit score to consumers every year when they request their free annual credit report.
And consumers will be able to take credit bureaus to court.
"Most of the bureaus revenue comes from the corporate side, not the consumer side, but they have to start serving the public," said Brown. "If there was a 20 percent error rate in any company in America those people would be fired."