Ms. Waters is one of the few members with the guts and power to DO something about UNFAIR credit reporting.
The FTC and FRB lies at the 6/19/07 committee hearing were outrageous. Whether it is an amendment to the FCRA or whether the FTC is somehow ORDERED to enforce the law and to issue guidelines NOW -- something needs to be done immediately.
The subprime mortgage crisis was primarily caused by inaccurate credit reporting, artificially low FICO credit scores and lying loan agents.
Fair Isaac designed the credit scoring formulas to unfairly lower credit scores and the credit bureaus deliberately produce inaccurate credit reports to further hurt consumers and to maximize profits for their clients, the banks.
I'm credit consultant and publisher, not a lobbyist. I have zero experience dealing with legislators and I hope that you can assign my request to someone who will read my Open Letter and get back to me.
I will be happy to answer any questions and I hope to hear from you soon.
