Chamber Welcomes Credit Act Reauthorization
WASHINGTON, D.C. – The United States Chamber of Commerce today hailed House and Senate lawmakers for reauthorizing the Fair Credit Reporting Act, a move that will protect consumers and give both individuals and businesses greater financial stability and freedom.
"Today's vote preserves American consumers' access to credit, while combating identity theft and strengthening consumer protections," said Joe Rubin, Chamber lobbyist on technology and Internet issues. "Lawmakers have moved to protect consumer buying power, give business greater financing as well as borrowing options, and support the consumer-driven economy."
The Fair Credit Reporting Act created a uniform system of rules and obligations for reporting on the credit activity and history of U.S. consumers. The system underpins the nation's consumer economy, providing quick, easy and affordable access to credit to millions of American families, according to the Chamber.
Final congressional action, along with President Bush's promised signature, means the country has avoided what could have been a dangerous lapse in our credit standards, according to the Chamber. Such a lapse would have created a patchwork of state systems, making it more difficult for families and small businesses to obtain credit.
"Such a patchwork would wreak havoc on the nation's credit system, making credit reports much less reliable, and increasing the cost and time and hassle required to obtain credit, therefore reducing credit availability," said Rubin. "Renewing the credit rules means that small businesses will have the financing that has been the foundation to our economic growth."
The National Chamber Foundation – the public policy arm of the U.S. Chamber – conducted an independent economic study of the credit system's impact on consumers and employers. Results of the study showed that the national system lowers business costs and protects consumer access to credit.
The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses of every size, sector and region.
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