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CREDIT INDUSTRY WILL WORK TO IMPLEMENT PROVISIONS OF DEFEATED BILL

CREDIT INDUSTRY WILL WORK TO IMPLEMENT PROVISIONS OF DEFEATED BILL
 WASHINGTON, Sept. 25 /PRNewswire/ -- Associated Credit Bureaus, the trade association for the consumer credit reporting industry, will encourage member companies to continue to voluntarily follow many of the numerous consumer protection provisions in H.R. 3596, the Consumer Reporting Reform Act of 1992, even though the bill will apparently not be enacted into law during this Congress. A number of credit reporting industry committees have been formed to analyze provisions of the bill and see how they can best be implemented.
 "Unfortunately, a very good consumer protection law fell victim to the lobbying efforts of several consumer groups," Barry Connelly, executive vice president of Associated Credit Bureaus, said today. "Both credit granting and credit reporting are national in scope. The House recognized that this bill's provision to apply uniform standards across the country afforded the most cost-effective protections for consumers by promoting interstate commerce.
 "We think it is ironic that those who claim to look out for the interests of consumers have killed this bill. We think they were absolutely wrong to sacrifice the 49 consumer protection provisions of H.R. 3596 over the issue of having a uniform national credit reporting standard.
 "The credit reporting industry has worked for two years for passage of a strong law that would provide nationwide consumer protection in all 50 states," Connelly said. "Despite what our critics have said, no state has a law that offers as much protection as H.R. 3596. In fact, if the consumer group lobby and the bill's sponsor had allowed the bill to pass, the state attorneys general would have been given broad new enforcement powers," he added.
 Connelly said it was premature to offer an industry position on credit reporting legislation for the next Congress. "We gave it our best shot. In the spirit of compromise and in order to realize meaningful legislation, we worked with Congress on H.R. 3596. We agreed with the majority of the House on the issue of pre-emption. We are disappointed that the bill was withdrawn by its sponsor, but we are going to continue to improve customer service, credit reporting accuracy and privacy protections," Connelly concluded.
 -0- 9/25/92
 /CONTACT: Norm Magnuson, director of public affairs, Associated Credit Bureaus, 202-408-7406/ CO: Associated Credit Bureaus, Inc. ST: District of Columbia IN: FIN SU: LEG


MH -- DC016 -- 3633 09/25/92 16:27 EDT
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Publication:PR Newswire
Date:Sep 25, 1992
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