I wrote about Senator Warner teaming up with Senator Elizabeth Warren (D. MA) pushing for action on consumer credit reporting on Monday:When you apply for a car loan, a mortgage or an apartment rental, you typically undergo a credit check in which you are assigned a credit score. This three-digit score signifies whether or not you are considered creditworthy. And the score also has a huge impact on the terms of a potential loan, including what interest rate you will be charged.
Too often, however, the information that the three major national credit bureaus collect and use to set your credit score contains an error. It is the consumer’s responsibility to identify these mistakes, but fixing them too often proves to be a costly and frustrating process.
Unfortunately, this is a familiar story for too many American consumers, and it is totally unacceptable. I’ve partnered with my Senate Banking Committee colleague, Sen. Elizabeth Warren of Massachusetts, to put a spotlight on these issues and I’m counting on your help.
Will you add your name and demand that the credit bureaus fix these errors immediately? People are losing their jobs, being denied mortgage loans and are seeing much higher interest rates through no fault of their own. This cannot continue.:
A new Federal Trade Commission study reveals that more than 20 percent of consumers found errors in the information compiled about them by the three major credit bureaus. Alarmingly, five percent of consumers found mistakes that were significant enough to result in higher costs for loans and insurance. And, in too many cases, the Consumer Financial Protection Bureau has found that correcting the record is a cumbersome process that costs consumers both time and money.
People can lose their jobs because of incorrect information, and see their families thrown into financial chaos. They can be denied credit for purchasing automobiles necessary to commute to and from work. They can be denied a mortgage loan, or be charged significantly higher interest rates. Mistakes on a credit report also can have a significant negative impact on an individual’s ability to get a job, or to receive a security clearance that’s required for military or government employment.
Please join me and demand that the credit bureaus clean up their acts immediately:
Senator Warren and I are asking the FTC and the Consumer Financial Protection Bureau to provide us with their own recommendations on ways we can better protect consumers and improve this obviously flawed system.
The credit bureaus can, and should, do a lot better. We hope you’ll agree, and add your name to our petition.
Mark R. Warner
You can sign Senator Warner's petition here: