WashingtonWatch.com - Revisions for H.R. 2885, The Credit Monitoring Clarification Act

• Revision by webmaster (May 22, 2008, 19:47:44)
  

  H.R. 2885 would amend the Credit Repair Organizations Act to clarify the applicability of certain provisions to credit monitoring services.

  Detailed Summary

  Credit Monitoring Clarification Act - Amends the Credit Repair Organizations Act to cite conditions under which provision to a consumer of credit reports, credit score analysis, and assistance in a case of identity theft shall not be considered as an activity to improve a consumer's credit status, which is subject to regulation under such Act.

  Exempts from regulation under such Act any person (credit repair organization, or CRO) representing that it can modify or remove, or assist the consumer in modifying or removing, any information in the consumer's credit report if the CRO gives clear and conspicuous notice, before the consumer pays or agrees to pay it, that: (1) neither the consumer nor anyone else has the right to have accurate and current information removed from a credit report; and (2) the consumer has the right to dispute any inaccurate information by contacting the credit bureau directly. Requires a CRO, to qualify for this exemption from regulation, also to give the consumer, before payment or agreement to pay, a specified disclosure entitled "Your Rights Concerning Your Consumer Credit File."

  Status of the Legislation

  Latest Major Action: 5/20/2008: House committee/subcommittee actions. Status: Committee Hearings Held.

  Points in Favor

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  Points Against

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• Revision by webmaster (August 27, 2007, 18:20:28)
  

  H.R. 2885 would amend the Credit Repair Organizations Act to clarify the applicability of certain provisions to credit monitoring services.

  Detailed Summary

  Credit Monitoring Clarification Act - Amends the Credit Repair Organizations Act to cite conditions under which provision to a consumer of credit reports, credit score analysis, and assistance in a case of identity theft shall not be considered as an activity to improve a consumer's credit status, which is subject to regulation under such Act.

  Exempts from regulation under such Act any person (credit repair organization, or CRO) representing that it can modify or remove, or assist the consumer in modifying or removing, any information in the consumer's credit report if the CRO gives clear and conspicuous notice, before the consumer pays or agrees to pay it, that: (1) neither the consumer nor anyone else has the right to have accurate and current information removed from a credit report; and (2) the consumer has the right to dispute any inaccurate information by contacting the credit bureau directly. Requires a CRO, to qualify for this exemption from regulation, also to give the consumer, before payment or agreement to pay, a specified disclosure entitled "Your Rights Concerning Your Consumer Credit File."

  Status of the Legislation

  Latest Major Action: 7/31/2007: Senate committee/subcommittee actions. Status: Committee on Commerce, Science, and Transportation. Hearings held.

  Points in Favor

  (Log in to edit the wiki and be the first to show why the bill should pass!)
  

  Points Against

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• Revision by webmaster (August 1, 2007, 18:19:26)
  

  H.R. 2885 would amend the Credit Repair Organizations Act to clarify the applicability of certain provisions to credit monitoring services.

  Detailed Summary

  (Log in to edit the wiki and be the first to provide a detailed summary of the bill!)

  Status of the Legislation

  Latest Major Action: 7/31/2007: Senate committee/subcommittee actions. Status: Committee on Commerce, Science, and Transportation. Hearings held.

  Points in Favor

  (Log in to edit the wiki and be the first to show why the bill should pass!)
  

  Points Against

  (Log in to edit the wiki and be the first to show why the bill should not pass!)
  

• Revision by webmaster (June 28, 2007, 18:21:02)
  

  H.R. 2885 would amend the Credit Repair Organizations Act to clarify the applicability of certain provisions to credit monitoring services.

  Detailed Summary

  (Log in to edit the wiki and be the first to provide a detailed summary of the bill!)

  Status of the Legislation

  (Log in to edit the wiki and be the first to update the status of the bill!)

  Points in Favor

  (Log in to edit the wiki and be the first to show why the bill should pass!)
  

  Points Against

  (Log in to edit the wiki and be the first to show why the bill should not pass!)
  

• Revision by webmaster (June 28, 2007, 18:21:02)
  

  H.R. 2885 would amend the Credit Repair Organizations Act to clarify the applicability of certain provisions to credit monitoring services.

  Detailed Summary

  (Log in to edit the wiki and be the first to provide a detailed summary of the bill!)

  Status of the Legislation

  Latest Major Action: 6/27/2007: Referred to House committee. Status: Referred to the House Committee on Financial Services.

  Points in Favor

  (Log in to edit the wiki and be the first to show why the bill should pass!)
  

  Points Against

  (Log in to edit the wiki and be the first to show why the bill should not pass!)