OUTDATED LEGISLATION
CONSUMER CREDIT PROTECTION ACT - PUBLIC LAW 90-321, APPROVED MAY 29, 1968 (82 STAT. 146, 15 U.S.C.
It's fair to say the law which was enacted while I was still in junior high school is a bit outdated. Banks today use boilerplate language in the Terms of Service which effectively gives them unfettered decision-making authority which may ultimately have a negative impact upon your credit reputation. Effectively, according to them and the language of that disclaimer, when you sign it, you agree they can do whatever they want to do without repercussions.
Companies like Synchrony Bank, who manages the credit cards of a large number of major corporations including Lowe's, Sam's Club, Amazon and many others, will lure you in with promises of easy approval. We have found many thousands of Synchrony customers whose accounts have been closed without warning due to no fault of their own. Many others have experienced credit limit slashing with no warning resulting in drastic drops in their credit scores. The standard response from Synchrony is boilerplate, a set of terms constructed by attorneys that essentially says, if you accept and use this card, "we" can essentially do what we want to do! This new legislation will hold them accountable.
The Fair Credit Reporting Act should "act" as its name suggests... fairness in favor of the consumer.
We propose a bill appropriately titled, "FREE MEANS FREE ACT", which will make it easier to sue lending and credit reporting agencies who knowingly exploit, mischaracterize, fail to correct or falsely report information that could reasonably be expected to have a negative impact the credit reputation of any consumer for their own purposes. We will address the failure of the system that permits companies like Synchrony Bank to make "business decisions" which unfairly damages the credit reputation of their customers, the consumer.
Back in the day, free actually meant free. Today "free" means, READ THE FINE PRINT!
The new bill will increase the penalties and damages a consumer may sue for. Currently, the cap is set at $1,000 unless there are real damages. We want to increase the base penalty to $10,000 unless there are real damages. In such case, the penalty would be $100,000 plus attorney's fees and other sanctions levied by the Court.
The law will ban so-called payday loans which exploit people with lower incomes and/or less than perfect credit. The law will also set an irrevocable cap on the interest charged by sub-prime lenders. Finally, the law will force social media organizations to hold accountable those who misuse their venues in an illegal and/or inappropriate manner.
Finally, the law will address the significant problem related to social media and their willingness to allow their venues to be used to exploit women and children. Our investigation has uncovered hundreds upon hundreds of Facebook pages whose sole purpose is to lure young women and children for the purpose of sexual exploitation. It is time to hold these people and these corporations accountable to the people of the United States.
As a candidate for the US Congress, I am fully committed to addressing this issue and advocating for legislation that protects your credit reputation. If elected, I will work tirelessly to introduce and support bills that ensure fair treatment for consumers and hold banks accountable for their actions.
But I can't do it alone. I need your support to make a difference. Together, we can bring about meaningful change and create a financial system that prioritizes the rights and well-being of consumers. Join me in the fight for a fair and transparent credit industry.