CFPB Director doesn't seem to really have a clue

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MemberSince99
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CFPB Director doesn't seem to really have a clue

Postby MemberSince99 » Thu Nov 21, 2013 7:23 pm

I just read an article quoting this guy. He's talking about going after fraudsters and that's fine, but what about more regulation of the bureaus and who can put whatever they feel like in your credit with pretty much no consequences for inaccurate information? If you posted on your Facebook page that Vultures R US blows because they put bogus information in your report, they could sue you for libel, but you have no recourse when they destroy your hard earned credit.

We don't need to be bailed out of our own immoral or idiotic or even unlucky situations, how about just cracking down on this kind of thing? Putting some teeth into the law and enforcing it and going after those who pretty much openly and deliberately violate it? If I openly and deliberately (or even by accident) violate the law in my vehicle and a cop sees me, you can rest assured I'm likely to pay for it. I'd like to see the same for bill collectors and the credit bureaus and the banks who deliberately put inaccurate information in your report and "verify" it when you dispute - that is against the law which states that the information must be accurate. But they know nothing will happen to them so why should they fear putting whatever they feel like in your report.

I can't believe these government officials just have no concept of what life is like for average people in this country. Must be nice I guess.


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djrez4
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Postby djrez4 » Thu Nov 21, 2013 7:46 pm

So, the head of a federal agency is clueless because he doesn't mention your #1 concern about credit in a quote selected by the author of some article?

Give the guy some time to ramp up the agency. Fifty years of unregulated credit reporting shenanigans can't be undone in a fortnight.
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MemberSince99
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Postby MemberSince99 » Thu Nov 21, 2013 10:02 pm

What bothered me was that wasn't even mentioned as an issue they ought to concentrate on yet for years I've seen this has been abused to death and there was really little or no consequence for that. I can't believe that isn't one of their top issues if not THE top issue. As I've mentioned it's just FAR too easy for any scumbag to ruin your credit and blackmail you under the current system, they can operate with near impunity. You have to know that.

If he doesn't realize that and isn't focusing on it, hell yes he's clueless. And I believe a LOT of people would like to see the law actually enforced and the bad guys punished when they don't follow the law.

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Postby djrez4 » Thu Nov 21, 2013 10:51 pm

It's on the agenda. It's a big agenda. Give them some time.
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