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U.S. Senator Mark Warner (D. VA) has teamed up with Senator Elizabeth Warren (D. MA) in a call for action from the Consumer Financial Protection Board and the Federal Trade Commission to improve the consumer credit reporting:

U.S. Sens. Mark R. Warner (D-VA) and Elizabeth Warren (D-MA) today sent a letter to the heads of the Consumer Financial Protection Board (CFPB) and the Federal Trade Commission (FTC) urging them to take action to improve consumer credit reporting. Recent CFPB and FTC reports found that 20 percent of consumers could identify at least one error in a credit report issued by one of the three major credit reporting agencies and that more than five percent of consumers found significant errors. These mistakes could force consumers to pay more for insurance and loans, and could impact their access to security clearance.
U.S. Senator Elizabeth Warren.
“People can lose their jobs because of this information, and have their families thrown into chaos,” the Senators wrote to CFPB Director Richard Cordray and FTC Chairman Jon Leibowitz. “They can be denied credit for purchasing automobiles necessary to commute to and from work. They can fail to receive mortgages, or be turned down for apartments. All of these impacts can throw families into deteriorating financial situations that spiral out of control.”

Sens. Warner and Warren have asked Director Cordray and Chairman Leibowitz to produce a report determining whether additional oversight or legislation is needed to improve credit reporting. The Senators also urged Cordray and Leibowitz to examine the cumbersome process for disputing errors on consumer credit reports. - Real Estate Rama, 2/18/13

Warner and Warren are aided by Senator Sherrod Brown (D. OH) and Senate Banking Chairman, Senator Tim Johnson (D. SD) in their letter to the CFPB and FTC:

Sen. Mark Warner, D-Va., has an interchange with Paul Volcker, chairman of the President's Economic Recovery Advisory Board, as the Senate Banking Committee examines ways to modernize the U.S. financial regulatory system, on Capitol Hill in Washington, Wednesday, Feb. 4, 2009.  (AP Photo/J. Scott Applewhite)
“The significant impact of consumer credit scores on the general public is not, in our minds, matched by the degree of transparency and responsiveness of the consumer credit reporting system to meet consumer need,” the senators wrote. “Our nation remains in a critical period of economic recovery, and tens of millions of Americans are emerging from problematic mortgages and other debts that have become more burdensome since the financial crisis began. We find this this situation unacceptable.” - Augusta Free Press, 2/15/13
Here's the letter from Senator Warner's website to the CFPB and FTC:

I'll be looking forward to more on this story as it develops but glad to see Warner team up with great Democrats like Warren and Brown on this issue.

Originally posted to pdc on Mon Feb 18, 2013 at 09:21 AM PST.

Also republished by Virginia Kos and The Democratic Wing of the Democratic Party.

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Comment Preferences

  •  Well, that's all fine and good, but financial (4+ / 0-)

    entities have tricks beyond imagining. I did a post about this yesterday and got almost no traction.

    But, just take a gander what people who took out ARMs at the height of the housing bubble has to sign:

    Waiver of Rights

    By execution of this Instrument Borrower expressly,

    (1) Acknowledges the Lender's Right to Accelerate the debt and the power of attorney given hereby to Lender to sell the premises by nonjudicial foreclosure upon default by borrower without any judicial hearing and without any notice other than such notice as is specifically required to be given under the provisions of said Deed to Secure Debt;

    (2)Waives all rights which Borrower may have under the Fifth and Fourteenth Amendments to the Constitution of the United States, the various several states, the Constitution of the State of Georgia, or by reason of any other applicable law, to NOTICE AND TO JUDICIAL HEARING prior to the exercise by the lender of the right or remedy herein provided to Lender, except such notice as is specifically required to be provided in said Deed to Secure Debt;

    (3)Acknowledges that Borrower has read this deed and its provisions have been fully explained to Borrower and Borrower has been afforded the opportunity to consult with counsel of Borrower's choice prior to executing this deed;

    (4)Acknowledges that all Waives of the aforesaid rights of Borrower Have Been Made Knowingly, Intentionally and Willingly by Borrower as part of a bargain for loan transaction;

    (5)Agrees that Borrower's right to notice shall be limited to those rights to notice provided by this deed and no other; and

    (6)Agrees the provisions hereof are incorporated and made part of the Deed to Secure Debt.


    What good are rights when people can be pressured to sign them away?  Never mind that private entities aren't governed by the Constitution anyway. The above was obviously designed to take the courts out of the picture. Tort reform on the QT.

    We organize governments to deliver services and prevent abuse.

    by hannah on Mon Feb 18, 2013 at 09:33:38 AM PST

  •  Well, thank Goddess Mark Warner is doing the (9+ / 0-)

    right thing, teaming up with Elizabeth Warren to encourage oversight of these sinister organizations.  They have FAR too much power!  I'd love to see regulation and transparency.

    All this talk of "reviewing your credit reports once a year" mystifies me.  We get one type of credit report--potential creditors get another version altogether, from what I've inferred.  My credit report never says a THING!  There are no errors, there's not even any information on it.  All it says is "pays as agreed" over and over and over until one's eyes glaze over like a Minnesota lake in winter.  

    I've therefore stopped ordering these "reports" because (1) they make absolutely no sense, and (2) there is no action I can take since they make no sense to begin with.

    "Religion is what keeps the poor from murdering the rich."--Napoleon

    by Diana in NoVa on Mon Feb 18, 2013 at 09:51:21 AM PST

    •  You are exactly right (1+ / 0-)
      Recommended by:

      The credit reporting agencies give a different report to their customers (lenders).  I think it was 60 Minutes who just did a report on this.

      There's no practical way to correct an error in your credit record if they don't show you what they give lenders. The poor woman in the 60 Minutes report was being denied credit based on the record of some other person, and the only way she found this out was when her banker left the room for a minute and she snooped in her file left on his desk.

  •  Warren, Warner and Brown (3+ / 0-)
    Recommended by:
    secret38b, JimWilson, JBraden

    show all of us how democracy, at its best, works.

    Look at them: interested in helping ordinary Americans, and not afraid to stand up for the least of us.

    Then you have people like McCain and Lindsey Graham and Inhofe, that waste all the experience of being senators, making mischief, holding grudges over political losses--losses they either deserved and got, or should get.  They are in there for the top 1/4 of 1% of wealthiest people, and ultimately for themselves.  Useless, spiteful men.

    And then you see Warren, Warner and Brown actually trying to help Americans, all Americans who just need a fair break.

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