Monday, January 19, 2009

Conservative columnist proposes tougher rules for creditors in reporting daya

Armstrong Williams has an interesting op-ed on p A21 of the Jan. 19 Washington Times, “Credit agencies are the messengers: Blame creditors for faulty data,” link here. Although the three major credit reporting companies are indeed required to correct errors and implement security freezes when requested, the “blame” goes to creditors when reporting data, according to William, who maintains that tougher rules ought to be in place for how data is reported. That might include more due diligence in making sure that creditors are really reporting on the right consumer (but then they need to identify the consumer before even making the loan, a major theme of this blog).

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