[Congressional Record Volume 140, Number 52 (Wednesday, May 4, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: May 4, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                 CONSUMER REPORTING REFORM ACT OF 1994

  Mr. BRYAN. Mr. President, I do not see another of our colleagues on 
the floor who seeks to be recognized.
  Let me make an additional comment. Senator Bond, I think has stated 
the case so well.
  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. We carefully crafted 
this so as not to impede the flow of information from those furnished 
credit because that is essential for consumers to be able to go to get 
credit, to buy a home, to finance an automobile, to buy an appliance, 
even in terms of applying for a job or a job promotion. These credit 
histories are a very integral part of our society. So I think that this 
is a milestone piece of legislation.
  Again, I acknowledge the support of the distinguished senior Senator 
from Missouri, the ranking member on his side of the aisle, Senator 
Riegle, our chairman.

                          ____________________