|Received:||4/20/2006 12:23:55 AM|
|Subject:||Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies|
|Title:||Advance Notice of Proposed Rulemaking|
|CFR Citation:||16 CFR Parts 660 and 661|
Comments:The government wishes comments from the public in reference to the issues at hand. Can we prevent fraudulent information, yes but only if we as consumers stay abreast of our credit file. If we can't afford to then in order to reduce the filing of consumer complaints to the FTC, I would propose that each and every consumer who has interest should have access to online credit monitoring of their credit file for a set number of years and or immediate notification(alerts) by mail of suspicious activity from consumer reporting agencies. Because consumer reporting agencies indirectly and directly weild an astonishing amout of power in that they can prevent individual consumers from attaining the basic necessities of housing, utilities and similar but just as important creature comforts. It is then imperative that no matter the cost consumer reporting agencies should require to the inth degree postive, accurate, verifiable information from the furnishers of credit information about consumers. Consumer credit reporting agencies make no money by having to investigate a complaint. If it was made profitable to consumer reporting agencies to report valid and accurate information then there would and could be better control of what was been furnished to be reported. I would propose that each and every furnisher of individual credit information be required to purchase a surety bond in order to be able to furnish consumer credit information. If it was found out they the furnisher had submitted false information to a credit reporting agency then that surety bond should be revoked and their ability to furnish creditor information be suspended for a time determined by the Government. This idea would not cost the furnisher unless they were shady, in fact it is an idea of proactive intervention instead of reactive as it has been for years. When one has to pay to report and then have that hanging over their head as a symbol and a reinforcer of conditioning then furnishers of consumer credit will be more likely to ensure valid and accurate consumer credit information to reporting agencies. Surety bonds should be based upon the size of the furishers portfolio of consumer credit information.