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Credit Industry Regulators
Like many consumers, you may need free credit repair help to get the credit bureaus to comply with the credit laws.
I recently read a transcript of a deposition from a law suit against Transunion. They reported a bankruptcy status on a lady's credit report
for a credit card she shared with her husband. Her husband had filed bankruptcy but Transunion inaccurately reported the account as if she had
During the deposition, Transuion's consumer relations manager was franticly trying to explain why Transunion failed to remove the bankruptcy from
this lady's credit report, even after the credit card company told them to delete the negative item.
Sometimes no matter how much relevant information you provide in your credit dispute letter to the credit bureaus, collection agencies, or your creditors,
they still may not correct your credit information. But just remember, the credit laws were created to protect you. The credit bureaus, collection agencies,
and creditors have the burden of proving to you that they comply with the credit laws regarding your personal credit information. After all, the credit
bureaus are earning over $4 billion annually, selling your credit information. Shouldn't they be held accountable for how they report it?
Well, there are government regulators and other credit industry regulators that may provide you with free credit repair help. The government
regulators are in place to make sure the credit bureaus, collection agencies, and creditors (like banks and credit card companies) comply with
The primary credit industry government regulator to look to for free credit repair help is the Federal Trade Commission.
Also, each state has an attorney general with authority to compel compliance with their state's credit laws.
However, effective July 21, 2010 President Obama signed the Dodd - Frank Wall Street Consumer Protection Act
into law. Among other consumer protection measures, this law created the new Consumer Financial Protection Bureau (CFPB)
which will issue extensive new regulations and otherwise dramatically change lending practices for years to come.
Many consider the Act to be the most sweeping change to financial regulation in the United
States since the Great Depression. It is considered to represent a paradigm shift in the American
financial regulatory environment because it affects all Federal financial regulatory agencies and
affects almost every aspect of the nation's financial services industry.
A special report released by the National Consumer Law Center highlights many of the key provisions of the new Act.
Below is a list of other credit industry regulators and social groups you may want to contact regarding free
credit repair help. Sometimes it can help to copy them on your credit dispute letters to the credit bureaus,
collection agencies or your creditors.
Even the social groups can sometimes provide free credit repair help that
may influence compliance. Just make sure you keep copies of all documentation, including each credit dispute
letter you send, in case you later file a small claims action yourself or hire an experienced consumer law attorney to enforce compliance.