The former Conservative MP cleared of historical allegations of sexual abuse has told ITV News the law must be changed to protect those accused as he attacked the police for apparent bias in the case against him.
Harvey Proctor has called for Metropolitan Police commissioner Sir Bernard Hogan-Howe to resign along with other senior officers who were involved in the investigation into Operation Midland.
The £1.8 million investigation into historical claims of a Westminster VIP paedophile ring was criticised after closing last week without making an arrest.
Mr Proctor accused the police of being "overbalanced" in favour of the person - known as "Nick" - who had laid claims against him and said the investigation was "quite horrendous and ruthless".
"They should never have said that Nick's allegations were credible and true," he told ITV News.
"His allegations might have been incredible, they were incredible, they might have been true. Neither was the case."
Mr Proctor, who denied any wrongdoing, learned last week he will face no action over the allegations and has previously claimed he was the victim of a homosexual witch-hunt.
The 69-year-old said those accused of sexual abuse should be granted the same legal anonymity, before being charged, that protects those who allege the abuse.
"We should put the law back to how it was, that both the complainant and the subject of the complaint have anonymity until charge," he said.
Asked if he will take legal action over the matter, he said: "I have not closed any option and I will talk to my lawyers about what is available to me."
Mr Proctor's eight-year career in Parliament ended in 1987 after admitting acts of gross indecency, at a time when the age of consent for gay sex was 21, following a tabloid sting.
He earlier told ITV's Good Morning Britain the latest public allegations - which emerged after he had been interviewed twice by detectives - mean he must "rebuild" his life for the second time.
This has caused me to lose my job and my house, my future and my present, so obviously I feel upset about that. I have to now seek to rebuild my life and that will be difficult. I started to rebuild my life in 1987, it took 28 years, and in 15 hours the police smashed that down.
He has written a book, Credible And True: The Personal And Political Memoir of K Harvey Proctor, on his ordeal.