The Fair Credit Reporting Act governs how and what consumer credit information is reported, who can report, how long it stays on your credit report and under what circumstances it can be removed.
The FCRA Should Be Amended To Address The Following:
* Add an Incentive to regain credit standing when old debts are paid
* Dismissed or withdrawn Bankruptcy should not be reported. This punishes consumers who didn't go through with it.
* Protections for victims of all financial or violent crimes as well as medical issues, divorce (innocent spouse) or natural disasters.sec: 605
* Protection against duplicate reporting by assigning to collection or outside counsel.
* 5 years vs. 7 for statute of limitations to expire and 7 years for discharged bankruptcy.
There are other issues as well