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.