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Ohio Senator Sherrod Brown attacking zombie debt
Brown says inaccurate blemishes on credit reports hurting many American's chances for loans and jobs
by WKSU's KEVIN NIEDERMIER


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Kevin Niedermier
 
Senator Sherrod Brown talks about efforts to reduce "zombie debt" at the Neighborhood Housing Services of Greater Cleveland.
Courtesy of Kevin Niedermier
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Ohio Senator Sherrod Brown is trying to take on so called “zombie debts.” Those are blemishes that linger on someone’s credit report after the credit problems have been corrected. These inaccurate credit scores can prevent someone from getting a home loan or a job. As WKSU’s Kevin Niedermier reports, Brown has launched two efforts to help.

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Senator Brown says one-in-five Americans have errors like zombie debts on their credit reports. First, he’s asking federal financial regulatory agencies to do a better job of screening credit reports for such inaccuracies and immediately correct them.

“We need to ensure that consumers are getting credit scores based on accurate information on their credit reports, and that errors and old debts aren’t compounding the problem. It’s hard enough after foreclosure, after bankruptcy, hard enough after a credit problem, when you’ve fixed it as the consumer and your credit report doesn’t show you’ve fixed it.” 

Brown has also introduced legislation that would require banks to automatically notify credit reporting agencies when a consumer’s debt has been removed through bankruptcy. He says in Ohio last year there were more than 40,000 personal bankruptcies, many resulting from the home loan crisis.

Listener Comments:

I'm one of those affected by errors I can't get off of 'my' credit report. After my foreclosure, when the two banks who were owed money took the house, one correctly removed any deficiency from 'my' credit report; the other one refuses to, and I simply can't get it off. This is from a couple of years ago; and I've been unable to get an unsecured credit card with a decent credit level without it. The CFPB/Consumer Finance Protection Bureau is no help; all they do is forward your complaint to the very same credit bureau that is carrying the mistake it refused to correct.


Posted by: Dave Huntsman (Peninsula) on September 4, 2015 5:09AM
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