Disclosing bad credit news: Thanks to the new law, a bank will have to tell you if it reports any negative information about you to the credit bureaus.  A bank will also have to tell you if it grants you credit at less favourable terms than those received by most other consumers.

Reporting of false credit news: Any debt collector that learns that information on a consumer's credit report is fraudulent must inform the creditor that the information is false.  No retailer or creditor may report credit information to credit bureaus that is known or believed to stem from fraud.

More power for identity-theft victims: Identity-theft victims who file police reports will be able to block fraudulent information from appearing on their credit reports. 

 

For more information on how the Americans do things, go to this website: http://moneycentral.msn.com/content/Banking/Yourcreditrating/P100244.asp

Consumers in US get free credit reports
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