Rep. Frank Promises Hearings On Credit Reporting

Frank, the incoming chairman of the House Financial Services Committee, vowed that hearings will be held in 2007 to specifically address many of the frustrations consumers feel as they try to correct errors on their credit reports.  Recently, many states have adopted credit "freeze" protocols that allow consumers to suspend information being added to their report while they contest erroneous entries.  Frank has not specifically proposed that measure on the federal level.

Already, Frank and incoming Senate Banking Committee chairman Christopher Dodd (D-CT) have promised to target the mortgage industry by proposing tough new federal laws against predatory lending.  The focus on credit reporting seems to be an extension of that targeting.

Specifically, Frank made his pledge after the Boston Globe ran a piece detailing the pain consumer go through to correct false information on their credit reports.  In response to the piece, Frank told the Globe, "We will have some hearings about how to fix this."