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Law on Your Side


            What George Bush Did in 2003 Was For The Credit Bureaus

                                 (But You Got An Early Out Card)


By M. Le'Mont                                     

From  XYZ  Credit Bureau

"The financial services industry lobbied Congress for passage
of the FACT ACT, including the free report requirement, in order
to gain permanent preemption on critical issues for the financial
services industry, including affiliate sharing of data."

President Bush didn't sign the (FACT) ACT into
existence for  the American citizen, the financial services industry
paid high powered lobbyists to persuade Congress, so they
could share consumer data cross industries with each other.

The Law is on Your Side

But you did get an early out card to have a second chance
your credit.    

The Credit B
ureaus must still abide by the FCRA Fair Credit Reporting Act

                                 The Passage of (FACT) ACT

On December 4, 2003, President Bush signed into law the Fair
and Accurate Credit Transactions Act of 2003 (FACT) Act.

The (FACT) Act provides important changes that provide
access to credit reports and other financial services for all Americans

It will enhance the accuracy of consumers financial information,
and help fight identity theft.  

It also allows the financial institutions a more liberal policy to
share consumer information that prompted President Bush to give
every American the right to a free credit report once every year.

The sharing of consumer information will inevitably lead to more
inaccuracies and misinformation on credit reports.


From  XYZ  Credit Bureau Continued,

 "Given the enormous benefits to consumers and credit grantors from
preserving the national credit standards, the free report requirement
may have been the economical way of ensuring and extending
federal preemption."

 One of the new requirements of the (FACT) Act is that nationwide
 consumer reporting agencies provide to consumers a free credit
report, upon their request, once every 12 months.  

This free report provision becomes available to consumers
December 1, 2004.

"The free report requirement is having a significant impact on
 the cost structure and operations." 

 As a result of the (Fact) Act free credit file disclosure, the credit
reporting industry is bracing for a projected 300 percent increase
in the volume of consumer disclosures.

This means we must also anticipate a similar increase in the
volume of consumer contacts for questions, clarifications, and

The cost of handling these contacts and disputes
is likely to exceed the cost of delivering the free credit files to

 As you can see the credit bureaus are concern of the impact
the passage of the (FACT) ACT, will have on its bottom line and
if they will be able to handle a projected 300% increase in
consumer inquiries.  End.

The demands from consumers for a free credit report will  
slow down, overwhelm, and bottleneck the industry.  

It will cripple the verification process on part of the Credit Bureaus
and the creditors, who must verify the accuracy of a disputed item
within a reasonable amount of time (usually 30 days), otherwise
the item must be removed.

The odds of you successfully removing negative information from
your credit report because of a non-response have never been better.

So it's time to use your  early out card and get started cleaning
up your credit today.  Click here  for free credit repair course.

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