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THE MONEY MASTERS, INC. LOBBIES CONGRESS AGAINST FAIR CREDIT REPORTING ACT AMENDMENT

 THE MONEY MASTERS, INC. LOBBIES CONGRESS AGAINST FAIR
 CREDIT REPORTING ACT AMENDMENT
 DALLAS, Sept. 19 /PRNewswire/ -- The Money Masters, Inc. (MMI) a two-year-old Dallas-based consumer advocate company is currently lobbying in Congress on behalf of all consumers to prevent the passage of a Bill (H.R. 3596) that would amend the Fair Credit Reporting Act in a way that is grossly detrimental to consumers.
 The original intent of this Bill was to make it easier for consumers to force the big three credit reporting companies, namely TRW, Trans Union and Equifax, including their association (ACB), to rectify credit report errors, to include positive credit data as well as negative and most importantly, to place reasonable limits on the length of time negative credit data can be kept on one's report. At present negative data is kept far longer than positive data. It also intended to put formal and factual restraints on the reporting accuracy of all creditors. The Money Master's attorney is walking the halls of Congress this week in an effort to call upon each individual representative and explain why this Bill, in its present form, should not be passed.
 Passage of the present Bill would eliminate consumer access to the most effective and efficient form of consumer representation. It would increase the power and rights of both the credit reporting agencies and the creditors to the detriment of the consumers. Perhaps, the worst effect is that the Bill doesn't solve the problem of inaccurate reporting because it doesn't place responsibility where it should be - on the credit bureaus. Even the recent agreements between 19 state attorneys general and TRW and Equifax - as important as they are - haven't been able to resolve this issue.
 Farell Shaftel, general counsel for MMI said by drawing attention to this materially weak and inadequate Bill, MMI hopes to solve the problem of bringing a balance between creditor interests and consumer needs and protection so that we and our children won't be forced to live in a society in which a few big monopolies (with government sanction) can control our financial lives and keep us subservient to their arbitrary rules at our expense. This is an election year. MMI believes that consumers should let their congressmen know how they feel.
 -0- 9/19/92
 /EDITOR'S NOTE: A copy of the documentation submitted to each member of the House in Washington can be obtained by calling The Money Masters in Dallas, at 214-235-1188/
 /CONTACT: Bruce Danielson, chief executive officer of The Money Masters, Inc., 214-235-1188/ CO: Money Masters, Inc. ST: Texas IN: FIN SU:


SH -- NYSAFNS1 -- 1388 09/19/92 07:30 EDT
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Publication:PR Newswire
Date:Sep 19, 1992
Words:438
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