Consumers Should Know What’s Been Done For Them This Week
It doesn’t get the attention of Benghazi, but the Obama Administration took several actions this week to help consumers. First, from the Consumer Financial Protection Bureau:
Today the Consumer Financial Protection Bureau (CFPB) released a research report that found consumers’ credit scores may be overly penalized for medical debt that goes into collections and shows up on their credit report. According to the study, credit scoring models may underestimate the creditworthiness of consumers who owe medical debt in collections. The scoring models also may not be crediting consumers who repay medical debt that has gone to collections.
And then the Department of Transportation:
Click here for reuse options!U.S. Transportation Secretary Anthony Foxx today proposed new consumer protections for air travelers, building on the U.S. Department of Transportation’s (DOT) previous passenger protection rules issued in December 2009 and April 2011. Today’s proposal would require the disclosure of fees for certain basic airline services such as checked baggage, require more carriers to report their performance data to DOT, and codify the Department’s definition of a ticket agent to ensure that companies that offer flight search tools and receive a form of compensation are adhering to the Department’s consumer protection requirements.
Copyright 2014 Liberaland
By: Stuart Shapiro
Stuart is a professor and the Director of the Public Policy
program at the Bloustein School of Planning and Public Policy at Rutgers
University. He teaches economics and cost-benefit analysis and studies
regulation in the United States at both the federal and state levels.
Prior to coming to Rutgers, Stuart worked for five years at the Office
of Management and Budget in Washington under Presidents Clinton and
George W. Bush.
6 responses to Consumers Should Know What’s Been Done For Them This Week
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Jonathan May 25th, 2014 at 10:36
I am very grateful Barack Obama is our President. I hope our good fortune continues in 2016 and beyond.
Jonathan May 25th, 2014 at 10:36
I am very grateful Barack Obama is our President. I hope our good fortune continues in 2016 and beyond.
sunka May 27th, 2014 at 00:44
I would prefer to see credit scores eliminated altogether. There are likely many unknown factors about consumers that are used to calculate these scores which they have no opportunity to review or correct in case of errors. We’ve seen many news stories about people who have discovered errors and find themselves in a nightmare trying to get rid of them. Furthermore, the insurance companies use this data to set rate fees, unfairly in my opinion. Employers often use this data with regard to hiring. This is an invasion of privacy unregulated!
sunka May 27th, 2014 at 00:44
I would prefer to see credit scores eliminated altogether. There are likely many unknown factors about consumers that are used to calculate these scores which they have no opportunity to review or correct in case of errors. We’ve seen many news stories about people who have discovered errors and find themselves in a nightmare trying to get rid of them. Furthermore, the insurance companies use this data to set rate fees, unfairly in my opinion. Employers often use this data with regard to hiring. This is an invasion of privacy unregulated!
sunka May 27th, 2014 at 00:52
Air travel is definitely a mess! This does not even begin to address the customer-no-service they offer. The websites of the airlines & alternative “ticket agents” are horrible! I dread flying in the current market & will avoid it if at all possible. This proposal doesn’t even qualify as a band-aid fix!
sunka May 27th, 2014 at 00:52
Air travel is definitely a mess! This does not even begin to address the customer-no-service they offer. The websites of the airlines & alternative “ticket agents” are horrible! I dread flying in the current market & will avoid it if at all possible. This proposal doesn’t even qualify as a band-aid fix!