Is there any current laws to stop abuse of credit reporting companies?

I was amazed at my less then good credit score. I have noted upon reviewing the information the following: When you pay off a bill companies don't often repor the good, only the bad. Two items are disputable, but there they are. Is there any attempt to stop the current practice of credit scores and the abuse there of? Or do we need a new congress?

Public Comments

1. Pay you bills on time and don't worry about it. There are very few abuses by credit reporting companies. The one you described is not an abuse. You have poor credit and two things are in dispute, if they are resolved they will get taken off. The reason disputed things are on the report is because if I am dishonest I could dispute many things while getting more credit. And when you do good it does get recorded, because your credt score goes up.
2. WE NEED TO BAN CREDIT CARDS COMPLETELY!!!!! WE WOULD BE SO BETTER OFF SO WE WOULD NOT HAVE TO WORRY ABOUT YOUR QUESTION
3. I love how in this society it is never your fault. Like you might not just be a little irresponsible and have bad credit, nooooooooooooooo it must be the credit companies fault. First, they don't update automatically every day. Info is uploaded periodically. In many instances you have to have the credit card or lender report to the bureau. Secondly, unless you were in collections, paying ALL your credit off at once is not a good idea, and WILL make your score go down. Finally, the disputable items will stay on there for a little while. If you were loaning someone money, wouldn't you like to know they are disputing something?
4. You are finding out what I've been trying to warn people about for weeks now. Never, ever, pay off an bill that is in collections unless you get IN WRITING that they will remove the negative entry from your record before you pay them a DIME! Now that they have your money, you no longer have any leverage over them. Good luck getting them to fix your report. Remember this....credit reporting agencies only report what the creditor tells them. They can NOT remove it or change it. What you will need to do is this. 1) Send a letter to the CRA protesting the report, and tell them exactly what is wrong with it. If it's paid off try to supply any evidence of it. The CRA will contact the creditor to "verify" that the report is legitimate. Remember they are not investigating anything, they are just verifing with the creditor that the information they have is correct. If the creditor does not change the record, and you have documented evidence that it is wrong, then move on to part 2. 2) Send a "demand for validation" letter to the creditor. They must supply you with copies of all contracts, bills, receipts, and everything used to calculate what they claim you owe. If they do not produce it, send a copy of this letter with another protest to the CRA to remove the listing. If they don't do it, you have grounds to sue both the CRA and the creditor. If the creditor can not supply proper evidence to prove the listing is accurate, and still will not remove it, you can sue the creditor for violations of the FCRA, and defamation of character. Read the links below, contact me if you need more help.
5. In case you have not figure it out already. Credit Reporting Companies are for the protection of the Credit Cards Companies and not for your convenience. You don't have to use Credit Cards is you don't like their "abuses" Nobody is forcing you.