Political Quotes

“This is a piece of legislation which is a victory for the American consumers. It fundamentally changes in the most fair way the burden of correcting misinformation that innocently becomes a part of an individual's credit history. As we began this discussion on Monday, an observation was made that there are 450 million credit reports, histories, in America, and more than 2 billion entries made each month. With that kind of a volume, there are going to be mistakes made. Many of us have common last names. We are in a society which is increasingly mobile and transitory as people move from one part of the country to the other. And as the record has demonstrated in the hearings, and in town hall meetings that Senator Bond and myself and other colleagues have, it has become a consumer nightmare to remove that inaccurate information. This piece of legislation places the burden to correct that inaccurate information upon the individual that furnishes that information. I believe that this is a fundamental, significant change in the way in which the Consumer Reporting Act has been dealt with; the enactment back in 1970. So this is really a milestone for consumers.”