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Published on: 10/8/2008
Last Visited: 12/2/2008
Michael W. Sobol, an attorney at the national law firm Lieff Cabraser Heimann & Bernstein LLP, which represented the plaintiffs in the litigation, called the new procedures a "paradigm shift in credit reporting industry" that will immediately benefit millions of homeowners and borrowers.
"No longer can credit reporting agencies merely parrot back this information as provided by creditors but must now reconcile creditors' information against available public records to assure maximum possible accuracy," he added.
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"Consumer credit is tightening across the nation due to the crisis in the financial industry," added Mr. Sobol.