Political Quotes

“This amendment creates a specific time period for credit reporting agencies to change a consumer's credit report after consecutive payments have been made on certain private education loans. This bill offers credit rehabilitation for distressed private education loan borrowers. My amendment simply states that once a consumer has made the consecutive payments outlined in the standardized reporting codes, the consumer reporting agency must update a consumer's report immediately or within 5 business days, at the most. Credit reports and credit scores are tied to so many important factors in consumers' lives. They determine interest rates on mortgages, bank loans, and credit cards, and deposits for rent. They can even lower insurance premiums. Every day counts. Consumers shouldn't have to wait in limbo, not knowing exactly when a charge is going to be removed from their credit report, especially if they have been making consecutive payments and meet the criteria to have it removed. This amendment is supported by the National Consumer Law Center, which stated that ``putting a specific timeframe for compliance is a good idea. It provides clarity on what action needs to be taken for both compliance and enforcement purposes. It also ensures borrowers will get the benefits of the law promptly.'' Mr. Chair, I thank Chairwoman Waters, Mr.…”