WASHINGTON—NAFCU and CUNA have joined with several other trade groups in sending a letter to the House Financial Services Committee warning of “the increasing threat credit repair scams pose to consumers and the credit markets.”
The groups are asking lawmakers to modernize the Credit Repair Organizations Act to ensure effective consumer protections.
“Credit repair organizations [CROs] exploit the most vulnerable Americans and inundate creditors and credit bureaus with meritless and duplicative claims that information in a credit report is inaccurate,” the letter states. “These activities jam the credit reporting system with illegitimate claims that divert resources from authentic consumer disputes and cost Americans exorbitant amounts of money for no actual value.”
‘Unsafe Activities’
The groups noted efforts by the Federal Trade Commission (FTC) and CFPB to address CROs’ “unsafe” activities. The letter further offers support what the signatories said would be a fair and accurate credit reporting system that fixes errors on consumers’ credit reports quickly.
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