Congress Contemplates Reasons and Fixes for 40 Million Credit Report Mistakes

Congressman Lacy Clay and Donna Perkins photographed at an event August 5th as a fundraiser for Congressman Clay’s reelection.  At this event, Ms Perkins was representing the National Association of Credit Services Organizations (NACSO), the organization that scrutinizes and monitors the best practices of those Credit Restoration firms who voluntarily participate for the good of the industry.

Ms. Perkins serves as a member of the Board of Directors of that organization, and as the chair of Membership.  It is vitally important that the general public understand the kinds of things going on in the industry.  That is why, as a board member, Ms. Perkins supports Congressman Clay who is working with other members of Congress towards a solution.

It is well known, and now documented by 60 minutes, that the three credit reporting agencies:  TransUnion, Equifax, and Experian are attempting to influence Congress to change the consumer protection laws in their favor.  They want us to believe that we would be better off if THEY are the only ones who can solve credit report problems.  But consider this:  if the people who gather the data, decide what information to use, then arbitrarily decide what your credit score will be, then report different information to the lenders – have control over fixing their broken system, how will the public benefit?  Can you say “wolf guarding the hen house”?
Congressman Clay is gathering information to take back to committees that he sits on or chairs in order to formulate an answer to this outrageous request by the 3 bureaus.  If they are allowed to have their way, all people in the US will suffer.  The banks who lend money to us rely on the information provided to them by the 3 bureaus.  If it is not accurate, every American will be allowed less and less credit.  The way our banking system sits today, that means that the 3 bureaus will make more and more money selling their data to the banks.  The banks rely on the 3 bureaus for accuracy, and recently on 60 minutes, it was reported that 40 million mistakes are to be found within the 3 credit reporting agencies.