Monday, April 22, 2013

CBS “60 Minutes” Investigates The Credit Reporting Industry

FTC Chairman Leibowitz says legitimate credit repair firms are an alternative for consumers
Today, the National Association of Credit Services Organizations (NACSO), the leading trade association for the professional credit repair industry, released the following statement regarding the “60 Minutes”
investigation into the haphazard errors of credit reporting agencies:

“While there should be nothing complex about accurately reporting consumer credit, the 60 Minutes investigation documented the complexity of consumer credit reporting and the difficulty in getting credit report errors fixed.

Credit report errors have devastating consequences on consumers from all walks of life.  And as the investigation proved, consumers are often at a loss as to how to navigate the credit dispute process, which is why the work that credit repair professionals do is so important.  Credit repair firms are assisting consumers when they need to cleanse their credit reports of errors, which often after multiple attempts, are not addressed by credit reporting agencies or data furnishers.

The Federal Trade Commission (FTC) study indicates that 40 million Americans have errors on credit reports, and 20 million with significant errors. One out of five Americans has an error and one out of ten Americans has an error that might lower their score.

Dealing with credit agencies can be a tough and grueling process for consumers, which is why many consumers choose to have a credit repair firm do the work for them, especially when they are trying to buy a home, maintain a job security clearance, or achieving financial self-sufficiency.

FTC Chairman Jon Leibowitz
acknowledged that consumers may receive assistance from legitimate credit repair firms. NACSO encourages consumers who may be aggrieved or confused about what appears on their credit report to work with credit repair professionals who strictly follow the Credit Repair Organizations Act, and are regulated by the FTC.  NACSO members provide ethical and compliant credit services to assist in combating collection/credit reporting errors.

NACSO supports the efforts of the FTC and Consumer Financial Protection Bureau to foster a regulatory approach that has a keen focus on the credit reporting process. NACSO will continue to work with all to ensure consumers are protected and their rights guaranteed to access professional assistance in the credit repair process.”

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