Rebuilding America…One Credit Score at a Time

Financial recovery for both the individual consumer and corporate America is the number one spotlight issue for the new administration. As consumers attempt to emerge on the other side of the economic crisis, individual credit scores will play a significant role in each consumer’s ability to infuse new capital into the economy. With banks, credit unions and other lenders forced to restrict lending to only the most credit worthy, higher credit scores will become the main goal for consumers. Consequently, in a desperate attempt for liquidity, consumers (and their attorneys) will be scrutinizing the information reported on their credit files even more closely than they have over the past few years.

America’s vital need for economic recovery will undoubtedly place more pressure on the Federal Agencies to insure that data furnishers are accurately depicting consumers’ credit histories through the upcoming release of the new FACT Act Section 312. By placing into effect strict new controls over the accuracy and integrity of data reported to the credit bureaus, FACTA 312 is expected to produce substantial challenges for all data furnishers in 2009.