Regardless of who you’re voting for next week, you’ve got to respect any reform that’s aimed at helping Americans wisen up about major financial decisions, and has the side effect of helping consumers protect their credit report. Obama stated the other day that the reform has the newly-added benefit of allowing consumers to come to the government with complaints about errors on their credit report, instead of or, in addition to, going directly to the credit bureau or to the company who reported the mistaken data. Check out this article from the United Press International (UPI):
“U.S. President Barack Obama said Saturday the new independent consumer watchdog will look out for working families and make everyone play by the same rules.
The consumer watchdog was established as part of Wall Street reform to make sure Americans have the information they need to make financial decisions such as paying for college or buying a home, Obama said in his weekly radio and Internet address.
The agency will go after “anyone who tries to take advantage of you, or rip you off,” the president said.”
Click here to read how the Wall Street reform will benefit consumers in their everyday lives.
Mr. President stated that the consumer watchdog is designed to ”[go] after anyone who tries to take advantage of you, or rip you off,” which sounds pretty darn good to me. If anybody out there takes advantage of this reform, please let me know how it goes! I’m very curious to see how frequently it will be utilized, and the difference it will make for people with erroneous credit reports.