Article Abstract:
The Legislative Committee of the International Credit Assn. (ICA) decided during its Fall 1994 meeting to promote the development of legislative programs among local and district associations. The Committee will send a packet of information to each president of ICA locals to encourage them to adopt such programs, which might include inviting lawmakers to discuss issues or talk about the legislative process itself. The Committee also decided to lend assistance to any local association in developing their programs upon request. Legislatively, 1994 turned out to be a fruitful year for the credit services industry. Some of the more important bills that were passed were the Bankruptcy Reform legislation, and the Interstate Banking and Community Development and Telemarketing Fraud legislation. An update on federal and state legislation is presented.
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Article Abstract:
Recent developments related to the International Credit Assn. (ICA) are noted. The first of these concerns the development of presentation materials by the ICA Legislative Committee. The group has prepared these materials using a user-friendly format in the hope of clarifying the legislative process for all ICA members. It is also reported that the Legislative Committee is helping to update the 'Credit and Financial Issues' booklet of the Dept. of Commerce. In another development, a seminar regarding federal and state credit laws is being offered to businesses, particularly small and medium-sized entities. The half-day program, entitled 'Credit and Financial Issues: Responsive Business Approaches to Consumer Needs,' makes use of slides and scripts and features lectures, panel discussions, a quiz and a classroom exercise.
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Article Abstract:
The Fair Credit Reporting Act needs to be amended because the credit reporting industry has been transformed dramatically since the legislation's enactment in 1971. In today's environment, almost every adult has a credit report and this report is sought by an increasing number of users, including creditors, banks, landlords, employers and merchants. An unwelcome development is the growing number of credit bureau complaints. A 1993 survey revealed that one in five complaints received by the FTC was against a credit bureau. The law must be strengthened to ensure credit report accuracy and minimize credit bureau complaints. To improve accuracy, the law should be changed by imposing more stringent reinvestigation requirements and allowing consumers to exercise their right to a free report annually upon request.
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