The American people have had enough abuse from the Credit Report Agencies (EXPERIAN. EQUIFAX & TRANSUNION). For to long have they been destroying many Americans lives by benefiting the banks, lenders and collection agencies.
Most Americans are paying as much in RENT as a mortgage would cost but just because the Credit Report Agencies make it so darn difficult to obtain a home loan most Americans end up paying the same amount for the landlords mortgage.
What about the people? Why should someone have their credit worthiness trashed because of hard times. If you miss a payment or have to return your car to the bank because of being laid-off, it should not hurt your for 7 years. 6-12 months should be enough while most hardworking Americans rebound from economic hardship situations within a year. why let the banks charge us more interest to fill their already huge pockets when families are working hard to feed their families. Their should be a new Fair Credit ACT stating that negative information should not stay on your report for more than 12 months. See what hurts the American people the most is all those fees and interest we have to pay because of this bullet proof system that the banks made up by them selves. The credit report agencies are own by the banks so they will do anything to make you look bad so that they can charge you more.
Comments (9)
It's not that the rules are draconian it's that the agencies are careless, inefficient and not really accountable. In essence they have far too much power, access to private information and too little responsibility to the people they rate.
I agree, bottom line should be, any type of negative information should be removed within 1 year.
I think that in order for anyone or any company to pull your report they need your permission and there should be a PIN code that you would give the creditor in order for them to be able to pull your report, no more permissible inquiries!!!! what the hell is permissible anyways???
This would only work if you then changed the bankruptcy laws so you would never be allowed to stop paying it back when you have money next year.
Perhaps people should be required to choose on loans. Missed payments, etc. 12 months, but no clearing of past debts on a bankruptcy. As long as you're willing to eventually pay me back, I'll let you off the hook. If you're willing to be responsible for ultimately paying every single debt, a bad year shouldn't count for very long.
Those who want to be able to live beyond their means and then wipe the slate clean, leaving their creditors holding the bag, should have that information follow them forever. You can't have your cake and eat it too.
Well the truth is that all banks love it when you dont pay them, thats what they want, WHY?? because when you dont pay them, the add so much fees and penalties that a $1000 debt turns out to be $3000 and then they write off the $3000 against all the tax the have to pay to the government so by you defaulting not only will they make about $1500 in interest before you finally give up on top of that the $3000 that they want so total $4500 write off for a $1000 debt. Why do you think that they get bigger and bigger? I know someone who works at one of the largest credit card companies in the states within their risk department and he said that about 75% off all their cardholders default every year and that is what they want because if everyone paid on time they would never make money or would have to pay billions in taxes. So to break it all down for you guys. They make their profit on corporate lending and top tier clients whom they make a lot of profit from those accounts and skip tax payments from the little people who are being choked from their interests. Did yo know that multimillion dollar bonds (loans) have an interest around 6.9% while an average $1000 credit card has about 16.9%.. so when you say that people are trying to get away with murder, you are ignorant.
I think included in this one should be insurance cannot access credit for approval or coverage rates.
what if a person wants to opt out of any credit reporting? i believe that should be an option. i don't use credit so i too am punished by these people.
i should be able to opt out and not have it held against me.
once again, corporations, corrupt corporations at that, control our lives.
Because Fair Issac makes the rules, and Fair Issac is a private organization, it does not have to follow due process.
What I mean is that anyone can issue a collection, and ruin your credit. You may have never encountered this person, or they may have just ripped you off. Furthermore collections may have nothing to do with credit, unless they are credit collections.
I personally have borrowed no money, paying from earnings since teenagehood. I don't plan to borrow, but two reported collections have reduced my rating by 150 points.
Both were rip-offs. One from a cell phone company for use of my phone as a modem (I checked in advance), and the other was from a doctor I never saw for an injury I never had.
At very least there should be a requirement for a judgment, and a mediation system set up. As is the only "mediator" is the bill collector, and I am sure you agree, bill collectors are for the most part emotional defectives.
I think the solution is to get away from loans and debt altogether.
Here is a link to a response I sent to EB showing how deflation might help:
http://docs.google.com/View?id=ddk32zv4_935cq2tg3g9
America the land of the indentured slaves???? yes no......
My biggest problem with the credit agencies is that they make money by giving out my information, but if they or one of their creditor screw up and give my credit to someone else based on their information I am still responsible.
That is ridiculous. If I did not sign a contract then I am not liable and it is not my problem. That is a basic right. What is the point of legal power of attorney, signatures, and notaries if anyone can say they are me and I have to deal with it. I am a notary and if I notarized a bad signature that is on me, not on the victim.
Credit is in the crapper and the agencies are boom because they have no responsibility. I should have to pay to protect my credit. These agencies have taken on the responsibility to provide accurate credit information. Then that is what they need to do.
These agencies need to figure out a better way to protect the information in their systems and giving access to that information.
Giving out 'instant' credit needs to stop. If getting credit means you have to go through a bank or some other access point so that you are being extended credit from an access point where people know you and the agency giving the credit is liable for any and all credit given, should it turn out to be fraud then so be it.
Donna