Massachusetts Representative Daniel Bosley, the House Chairman of the Commerce and Labor Committee, declared that the new Credit Reporting Reform Act signed into law by the Governor on September 7, 1995, is "one of the strongest in the nation and brought common sense to the credit reporting industry."

The efforts to pass this law have taken four years. The benefits to consumers will be quickly appreciated by anyone who has discovered errors on her/his credit report and tried to correct them. The Cambridge Consumers' Council and many other consumer protection agencies in Masachusetts have received endless complaints over the years from citizens in the midst of purchasing a home, applying for credit, receiving a bill for something bought with a stolen credit card or other troubling circumstances. Often they are denied credit because of innacurate or downright false information on their credit report period. The challenge of correcting the errors has usually been difficult or impossible and often taken months to accomplish.

This new law, that will take effect on January 31, 1996, wil result in the following consumer benefits:

• Free Credit Report: The credit reporting agencies must provide consumers one free copy of their credit report each year, upon request.
• Easy-to-read Report: The written report must present the information in clear and plain-meaning language.
• Errors Elimintated Quickly: The credit agencies must investigate and correct erroneous information within 30 business days of receiving a consumer complaint.
• Toll-Free Number: Credit reporting agencies must establish a toll-free number for consumers to inquire about information in their reports.
• Consumer Privacy Protection: Consumers can remove their names from "pre-screening lists" used for targeted marketing.

These are the highlights of the new law. The Consumers' Council will be able to assist you, if necessary, when the law is in place, especially if the credit reporting agencies are not following its provisions! If you have questions now, please call us at 349-6150.

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