The Sarbanes-LaFalce bill has a long way to go before it becomes law, and whether the credit reporting aspect of the bill survives is anyone's call. But it may be telling to note that even a spokeswoman for LaFalce, the ranking minority member of the U.S. House Committee on Banking and Financial Services, says industry attempts at self-regulation need more time to take effect. In the meantime, consumer advocates and regulators continue to urge lenders to come clean with credit information. We're still here as regulators encouraging full file reporting. Consumers are urged to check their credit reports to make sure creditors are reporting positive credit information.
Torres suggests people keep records of their on-time payments as a safeguard.
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