Isn't this a great idea ? ?

[dasco]

Govt to supervise credit reporting for first time
http://hosted.ap.org/dynamic/stories/U/US_CONSUMER_PROTECTION_CREDIT_REPORTS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-07-16-14-39-45
"But what exactly constitutes a reasonable investigation?" Ulzheimer asks. "The act doesn't say."

Each of the three biggest credit reporting agencies maintains files on more than 200 million Americans. These reports are filled with details on an individual's payment history with credit cards, mortgages, auto loans and other borrowing, applications for credit, medical account information and other financial details. Past behavior, like late payments or carrying high balances on credit cards, is used to determine credit scores.

Do you feel 'protected' by the government having access to all your personnel finances?

[alburt]

More than 100 years ago, we found it necessary to create the FDA to insure that meat packers did not include human parts in their breakfast sausage. Scratch a businessman and you will find a cost-cutter. We should all be happy that there is a policeman on the beat, making sure that profit is not the only goal.

[pete]

A little checks and balances is a good idea, althought I'm not too thrilled about the idea of paying overhead for a new agency. This is a reasonable step since it has actually been the FTC that was responsible for holding these agencies in line with the Fair Credit Act.

Consumers should not be paying for products and services to protect Credit Reports, when that is a pre-emptive requirement of the Fair Credit Act. It is a multi-million or billion dollar scam industry. I would hope the DOJ files suit on behalf of the American people.

Some of this also plays into the issues associated with mortgage frauds. I think this is a great step, we need their contact information yesterday and I hope they can resolve the scam of paying for "credit report insurance" products that is beyond the scope and use of credit reports. The credit agencies have been used for a purpose not intended, in that they have failed to maintain full requirements of compiling factual information.

The Burden of Proof belongs to the credit agencies, not the consumer. Hopefully this move will free up a little more time for the FBI spies, so they can concentrate on getting full restitution for the American people.