Watch the FCRA hearing archived webcast for the FTC and FRB LIES!!!!
Very cool:
The archived webcast of the hearing
Al Green (TX) wants to know how scores are calculated!
Considering his questions, I’d say he knows that the FTC does next to nothing to enforce the FCRA and that they are lying. What a great guy!
The regulators lied, lied and lied again.
I hope the transcript will be up soon. Ms. Lydia Parnes, Director, Bureau of Consumer Protection, Federal Trade Commission and Ms. Sandra Braunstein, Director, Division of Consumer and Community Affairs, Federal Reserve System really came off as the incompent, ignorant and corrupt CRA and creditor lobbyists they are.
Not one word about the incomplete credit reports, not one word about Capital One’s refusal to report limits, the student loan balances HIGHER than the amount most owed, etc. etc. etc.
It bites to see how most legislators have absolutely NO clue how the credit reporting system works. But it was encouraging to see that several brought up specific credit problems of staff and constituants and they seemed very sincere.
Gary Ackerman, NY asked some great questions about Homeland Security access to credit and the correlation between credit scores and terrorists.
Of course Parnes had no answers.
Gary Ackerman asked about the correlation between scores and insurance.
“Are poor people poor drivers?”
Christopher Shays, CT asked about consumer education, how would someone know how credit is impacted? He even admitted to not paying his bills for 3 months a few years ago, then paying it all with interest and NOT having realized how negatively it would impact on his credit.
Lies, lies and more lies by Parnes.
Then Christopher Shays even described a dispute of a cellphone bill and how a consumer should be able to dispute BEFORE a collection hits the report. OUTSTANDING!
Considering that these are NOT election speeches, one could think they’re serious.
52 millions free credit reports have been distributed since the FACT Act, later someone said during 2 years. So doing a little math, that’s 26 million per year. Since we have 3 bureaus, only about 8.5 million people got their free reports per year. That’s less than 5% of the people with credit reports. And that’s good? What am I missing?
They did touch on the reporting by debt buyers and Al Green’s comments were great.
I’m not nearly done reviewing this hearing and I really want to take 30 second or so bits with the legislators’ questions and the LIES by Lydia Parnes, FTC, and Sandra Braunstein, FRB, and to document with the screenshots of the credit reports that they lied.
Any software recommendations?
Posted by Christine on 06/19/2007 at 10:35 PM
Legal • Regulators - legislators • (0) Comments • Permalink
