Credit agencies have been more than helpful to people. We all do know that when it comes to finances and helping out regarding this, credit agencies are there to assist people. Not all people know how to handle their money and credit agencies will be the ones to assist them. The numbers of those who have been helped much by such organizations are staggering and many are really grateful for the help they received from them.

Recently, a US bill has been introduced and this bill is about credit agencies. According to the bill, investors would now be allowed to sue the credit agencies if need be. This bill has been created by Jack Reed, a United States senator. The bill says that the investors would be allowed to file a case against the credit rating agencies which have not reviewed main pieces of information that will affect a credit rating. This act can be done with knowledge of the information or may have just disregarded that vital information that has a direct relation to a credit rating.

Reed actually has a point when he created this bill. There have been credit rating agencies which have had cases that did not take into account important pieces of information that should be part of computing a credit rating for a person. Such credit agencies include Moody's Corporation as well as McGraw-Hill Cos Incorporated's Standard and Poor. These two companies have received criticism when they gave out high credit ratings when in fact they would have received lower ones. This happened because the two agencies did not take into account several important pieces of information. If those were counted in, they would have arrived at a lower rating.

The bill set out by Reed also says that the United States Securities and Exchange Commission would have the authority to supervise such credit rating agencies to be able to see if they are doing their jobs right. Also, it is said in the bill that the credit rating agencies are the ones responsible for their actions if they have been proven to have not reviewed important data.

Handling credit monitoring information is a tricky deal and it is important that those who work with such be able to handle them well. Credit monitoring companies are among those which work with such information. This bill that Reed has introduced is said to be an answer to how to handle companies that work with credit ratings. It has yet to be passed.