History credit report Eureka

Free credit reports were the best thing that ever happened history credit report Eureka to the credit bureaus. Certainly, the FACT Act amendment to the FCRA (subsection 609(f)) will settle that one. On December 4, 2003, the President signed into law the Fair and Accurate Credit Transactions Act of 2003. Eleven months later, on 11/8/04, in the history credit report Eureka Federal Register, the FTC solicited comments.

The FTC's own press history credit report Eureka release said the law directed it to develop a "'fair and reasonable' fee for credit bureaus to charge consumers for a copy of their credit score beginning December 1, 2004," less than a month after soliciting comments. Three years after the FACT Act was signed into law, there was still history credit report Eureka no price. The FTC explained that Congress didn't set a deadline. In a congressional hearing on credit report disputes in 2007, a Federal Trade Commission representative listed the fee determination under "Tasks still in progress," and submitted that the Commission is "working" on it, and is committed to completing history credit report Eureka its task "as quickly as possible." In response to congressional questioning, the FTC representative said, "I think that we can come up with a timetable for completing the history credit report Eureka remaining tasks." (video, at 1:12:00) In the meantime, here's all we've got: The Commission recognizes that the provisions history credit report Eureka of FCRA section 609(f) will history credit report Eureka become effective on December 1, 2004 without regard to whether the Commission has made a determination or history credit report Eureka given guidance on how it will determine whether a particular fee is fair and reasonable. credit reports Although Congress has directed credit scores be available for a fair and reasonable fee as determined by the history credit report Eureka Commission, it did not impose a deadline for a determination nor has it required that the determination history credit report Eureka be made in any particular history credit report Eureka manner. Furthermore, there is no indication that Congress meant to require history credit report Eureka regulated entities to make the required history credit report Eureka disclosures free of charge. For these reasons, the Commission interprets section 609(f) to allow regulated entities history credit report Eureka to charge a fee for required disclosures in advance of any specific Commission determination or other guidance, so long as that fee is fair and reasonable. order a free credit report Thus, absent additional Commission action on or history credit report Eureka before December 1, 2004, consumer reporting agencies must disclose mortgage or educational scores to consumers and may history credit report Eureka charge a fair and reasonable fee for those disclosures.

Indeed, this process is currently used in history credit report Eureka the states that require similar disclosure. The Commission’s enforcement of the ‘‘fair and reasonable’’ requirement will be history credit report Eureka by reference to the extant market in credit scores. Thus, at present the Commission may question any fee that significantly exceeds the current market rates for credit scores, which are currently in the range of $4 to $8.

The FTC's loose, self-imposed deadline: The Commission proposes an effective date of thirty days after promulgation of its final determination.

The Commission recognizes that the provisions of FCRA section 609(f) will become effective on December 1, 2004 without regard to whether the Commission history credit report Eureka has made a determination or given guidance on how it will determine whether a particular fee is fair and reasonable.23 The FTC also testified, "Currently, many credit reporting agencies appear to be charging fees under $10 to obtain a credit score." Of course, that is all a bunch of hooey if the score they sell history credit report Eureka you isn't the real score. getting a credit report