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Ohio AG on Investigating Credit Reporting Companies

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  • Description

    Ohio Attorney General Mike DeWine sounds off on the credit reporting system.

  • Duration 4:10
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The Columbus Dispatch newspaper reporting -- a special investigation that Americans are virtually powerless to correct often simple and damaging mistakes -- their credit reports.

As a result they're denied the chance to get a job -- rent an apartment open a checking account.

Even join the military this doesn't mistakes my next guest calls the -- that newspapers findings stunning and infuriating.

Joining me now as the attorney general of Ohio Mike DeWine.

So attorney general supposed to be watching and monitoring the credit agencies that are making all this.

Stakes.

Well first of all let me -- congratulate the Columbus Dispatch for -- fantastic story I would.

You know -- our our viewers today to go online and look at that story because it's it's shocking.

And really what it tells -- is -- a horse story of victims.

And the victims are people who the credit rating agencies have consistently not only reported.

Inaccurate information which is bad enough but then have refused.

To do really any thing.

To fix that break you know perhaps get that a lot of us have been an acquisition I know I myself have -- they've made an air.

Attributed to bill or something to -- that where it's clear it's someone else there you know in our case the first was dead and they thought it was us I mean.

It's outrageous -- -- supposed to be in there making sure that these things don't happen in monitoring the credit agencies.

Well you know what I've reached out to -- attorney generals around the country and we I have a lot of interest frankly.

I can't really talk much about at this point.

But there's a lot of interest from other attorney generals in doing something about this so we're.

You know really working on this and -- -- -- did you do you can you talk of that.

Well.

Again there's possibilities of filing lawsuits there's possibility of an action while attorney general's we have not reached that decision yet but certainly that is something.

That that could be done this is just it is outrageous and really that the problem is not just a bad information.

But they these credit agencies you don't don't have any business model apparently.

To fix these problems is when you pick up the phone and call.

Nothing happens now when they call the attorney general.

What I found is that it wouldn't when they call us that we call the credit agency.

And.

Amazingly they'll fix it for us how about all those other thousands -- people out there who never think to call the attorney general so in this sense.

These credit agencies are Smart they know they don't want the attorney general down they're back.

And so 11 on the -- attorney general calls.

Yeah I think they fix that.

-- -- responsibility to regulate emirates -- and other government entity now is yes yes yes it is it is not our responsibility.

There's a federal law regulates them.

But frankly this is something that the -- the attorney general's may be able to do.

We have done this in the past the robo signing problem for example we all went together they achieved day a settlement.

That we think was a very good settlement when that scandal broke.

So state attorney generals can do this we band together.

And we we go after people who were.

You know really just causing you wrecking Havoc with people's lives is the SEC -- consumer federation or someone like that supposed to be out there looking at and I mean obviously not if -- I'm looking for regulatory body.

That may -- supposed to -- -- -- monitoring wells and I would doubt that I think that exists BSN I think -- -- Richard court gray and the new consumer agency have they have started to look at this as well.

So I think there are a lot of people that are looking at it and then we take our responsibility attorney general's office very seriously we we had received.

A number of complaints.

But any case.

When we need.

-- and that -- down with the credit agency they fixed it yeah but this Columbus Dispatch story.

Frankly generated an eye opener and it -- it is shocking.

Yeah Overture Carter has a lot on his plate right now may -- can help them out this is a problem that needs to -- begs to.

Attorney general Mike -- thanks so much for joining us we appreciate it.

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