ARM Industry Included in Credit Report Probe

The debt buying and collection industry came under fire yesterday during Congressional testimony by consumer advocates as the House Financial Services Committee held hearings on consumer credit reports.

The hearings were primarily intended to review the work of the Federal Reserve Board and the Federal Trade Commission, the two agencies given regulatory oversight of the Fair Accurate Credit Transactions (FACT) Act. Congress implemented the FACT Act in 2003 to help consumers gain greater access to their credit reports to ensure their accuracy and to better fight identity theft.