Bill Introduced To Force Credit Bureaus To Share Consumer Provided Documentation In Dispute Process
A variety of U.S. Senators have introduced legislation that would force the credit bureaus to pass along to creditors documents provided to them by consumers when they’ve filed disputes. e-OSCAR system is currently working on allowing the pass through of such documents.
Credit reporting agencies have been criticized for performing lackluster investigations and providing little additional documentation to third party data furnishers. This legislation ensures that the requirements of the FCRA are being met by requiring that credit agencies forward actual copies of documents submitted by consumers to data furnishers.
Klobuchar has been fighting to ensure that consumers’ credit reports are up to date and accurate. At Senate Commerce Committee hearing earlier this year, Klobuchar highlighted the serious damage credit report errors can have on financial well-being and called on the Administration and the major credit rating agencies to take action to ensure credit reports are accurate. She also held a roundtable discussion with Minnesotans who have been negatively impacted by errors on their credit reports as well as experts on the issue.
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