We all make mistakes with our finances but this new congressional bill will determine how long we should have to pay for them.
The “Comprehensive Consumer Credit Reporting Reform Act” as it is so succinctly known, has been proposed by California’s representative Maxine Waters. According to Waters’ office, if passed the bill will “overhaul the American credit reporting system so that it is fairer, more accurate, and less confusing for consumers.”
Currently a negative entry on your credit report can be seen by potential loan companies, on rental applications, and sometimes even your boss. Lesson learned: Your credit card is no longer your best friend, but how long should you have to pay for these poor decisions? This new bill says that seven years bad luck is too many. If it passes, the bill would shorten your sentence to just four years.
In addition to this, the bill will also allow you easier access to your credit report so that you can monitor it more closely. If your debts happen to be student loans, you will also be happy to know that this bill will make adverse marks from private education loans repair even more quickly, as long as you are consistently making payments. Or if your struggles lay with outrageous medical expenses, this bill will give you even more time to get your head above water by extending the time you are given before adding medical debts to your report.
So this all sounds amazing, but for now it’s only a bill. If you want this bill to be passed, it may take a little effort on your part. Let your congressmen know where you stand. Go ahead write a letter, send an email, let your voice be heard on the issues you care about. It’s empowering.