Credit reporting is rigged against the consumer, we pay for their mistakes

Credit Reporting Companies - Preemption Exclusion - Stepping Stone to All Access Health Care ©™


Credit reporting companies, which include, Experian, Equifax and Trans Union are the guardians of the nation's credit data collection and reporting system. Each year they process billions of pieces of personal credit information worldwide.

It is generally reported that all the credit reporting agencies release credit reports for credit granting purposes that on average contain at least one reporting error or more 70 % of the time. This is an intolerable error rate for which the general public suffers.

A Federal Bill, which ends credit reporting agencies immunity from the full extent of litigation damage awards and substantial fines would enhance patient access to health care and health care insurance.

There are 50 States Attorney Generals whose hands are tied by the Fair Credit Reporting Act and The Fair Collections Act that unhindered would be in the position to litigate against credit reporting agencies for civil and criminal infractions. The general public would gain its legal rights to sue credit-reporting agencies for the full extent of the damages they cause due to non-compliance with existing law. In addition due to the seriousness personal consequences suffered from reporting errors, credit bureaus should be called to account and fined substantially for all uncorrected credit reporting errors they report to anyone.

The onus for the validity of credit information reported to anyone permitted by law to view a consumers credit report rests squarely on the credit reporting agencies themselves not on the consumer who discovers the inaccuracy. Fines for reporting inaccuracies should be similar to other federal fines that violate public interest. Federal fines for example for slamming, which is the unauthorized switching of consumers from one Telecommunications Company to another range from $40,000 to $70,000 per incident.

The benefit to Health Care is that those people who are denied care and / or damaged by the actions of credit reporting agencies could be compensated rapidly without having to resort to the Courts for credit reporting errors. The 50 Attorneys General and Consumer Regulatory Authorities across all the states will be able to act on behalf of the people reducing the burden on Federal Agencies.

The National Association of Attorneys General (http://www.naag.org/site_map.php, the National Association of Consumer Advocates (http://www.naca.net/consumer-advocates-board) and the Federal Trade Commission (http://www.ftc.gov) have expressed serious concerns over litigation and regulatory preemption for credit reporting agency abuses suffered by the general public.

Transparency LLC urges you to consider writing legislation that ends all preclusions from civil and criminal fine and liquidated damages for credit reporting agencies.





Alfred Jordan
Transparency LLC