|Received:||11/23/2004 10:06:42 AM|
|Agency:||Federal Trade Commission|
|Rule:||Advance Notice of Proposed Rulemaking, Request for Comment|
|Docket ID:||RIN 3084-AA94|
Comments:Gentlemen: I submit to you that NO fee imposed by credit reporting agencies for consumers to access their own credit score information could be considered 'fair and reasonable'. These scores govern consumers’ ability to obtain employment, a loan, or automobile insurance, and are of great significance. Credit reporting agencies are already receiving payment for their services when they sell our credit information to companies across the country for marketing purposes, account reviews, and for whatever else these reports are used. In my own experience, these agencies routinely make mistakes and are loathe to correct them. One agency actually told me that they add to their report whatever information is submitted to them by a reporting entity (such as a bank) but the information is not verified. When erroneous information appears, the agency will review and possible correct the problem after much effort by the consumer, but will not guarantee that the entity which reported it incorrectly in the first place won't manage to get the erroneous information back on record. Their solution is to contact the reporting entity, but they are unable to tell which entity may be reporting the incorrect information. It is a vicious circle, and as we all know, mistakes on one's credit report can wreak havoc in many different ways. Consumers have a right to know what is being reported about them, and should not be required to finance a business which already receives significant support from the open market. For these reasons, I implore you to set a "fair and reasonable" fee that is nominal, sufficient only to cover printing and postage, such as $2 or $3 apiece. Thank you for your time and consideration.