To: The Michigan State House, The Michigan State Senate, Governor Gretchen Whitmer, The United States House of Representatives, and The United States Senate
Stop the Stranglehold of the Big 3 Credit Reporting Agencies
Please help stop the virtual stranglehold the Big 3 credit reporting agencies have on consumers. Their reports are often erroneous, yet they affect everything from car/home insurance to the ability to get telephone service. Errors are often impossible to correct because creditors only have to say that a challenged is valid, to have that debt upheld by the reporting agency. They operate in a virtually unregulated environment and the damage this inflicts on consumers outweighs any benefits that may be derived from them.
Why is this important?
I don't know a single person who hasn't been affected by the problem of an erroneous credit report. Trying to correct even blatant issues is all but impossible, since the agencies give companies the last word in any dispute. This is important to all of us, because these agencies unilaterally generate a number that can translate into costlier car/home insurance, utilities, and mortgages. A lower credit score can even prevent a buyer from qualifying for a home or auto loan. We were recently affected by the Equifax data breach, since they sell our information, as well. I firmly believe that these problems need to be addressed by legislation that provides strict oversight for these companies. This includes a mechanism for resolving disputed debts, provisions for correcting erroneous reports, consumer control over their ability to market our personal data, and a concrete plan to limit the overarching power of these agencies. Thank you.