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ss numbers and credit


jewel1980
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i know this will stick out like a sore thumb, however...

I personally think that ss# should not be used in association with credit, b/c the purpose of ss and the ss# was to ensure that older people have some money to fall back on when they retire (I know there is alot more history to it than that, but that is the short version) I mean is there a more efficient and safer way to organize the credit industry that using your ss#. Well anyway, they need to develop one, that is just my opinion. Don't you guys think that there needs to be more federal and state regulation on these CRA's b/c all the reports are different. I really think the BK reporting laws should be changed, b/c it is stated that BK is supposed to be fresh start for the naive new debtor and/or for the individual who truly has circumstances beyond his control that occur. I mean 10 years is just too long, I mean I can see five, but less than that should would be nice. I mean in essence I think that if BK is truly a fresh start that you should be able to have a 100% clean slate including your credit file, as in all neg. info. be removed regardless or correct or incorrect status.

You know those ads for GET 100% NEW CREDIT FILE LEGALLY!!!!!!!!

I know they are fraudalent but the idea behind them is the way it should be.

Anyway I just wanted to share my opinion eventhough it does not really matter at all.

Thanks in advance to those who read this.

jewel

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With the way credit reporting is set up - social security numbers are not the key factors used to identify people since only employment & taxes are the only ones entitled to this information. The government is responsible for this lack of restrictions on the use.

Right now as it stands the name and address are the key factors - this is terrible. Because these two items are not set in stone and can change in a persons life time.

Plus there is the issues with mixed files - resulting

1. Because some one had a common name,

2. Because father and son shared same name & address

3. Clerical error on the part of a lender accessing credit report; putting in the wrong data.

4. Clerical error / mistake of creditor reporting incorrect personal information on the consumer in the course of their month to month reporting of financial data.

See this all the time, here - terrible mess people encounter.

BUT - when it comes down to the bottom fact of the matter, that social security number is the only thing that right now can set the matter straight in most cases.

If an unchanged factor like that could be introduced we would have it made. (forgot there are special situations where the SS# can be changed) but that is rare and only under special circumstances. But it would help considerably.

We walk a line between privacy and convenence - unfortunately to have one the other is sacrificed. Hopefully down the line something different can be accomplished with safe guarding the system better.

Of course there will always be the problem of ID Theft, just hope as we go that can be improved as well with new technology.

***

Now your issue with bankruptcy, I don't believe a person should just walk away clean on this matter, yes it is a clean start - but that is a clean start to prove yourself worthy once again. And that takes time for a lender to extend that kind of trust. Certain lenders tend to get burned more then others and do re-act with very strict requirements for lending. But some are very decent on this part, like the mortgage industry - they will extend credit two years out with good payment history and established credit once again.

I do take issues with the interest rates they get away with charging, and with penalizing for having poor credit, a lot of credit card companies come off down right abusive of this ability they have been left unchecked on.

10 years I do agree is harsh on the reporting, and there are some states which do have their own reporting laws that over rule the federal FCRA.

One final note, not all creditors out there are out to get the consumers, think the way the industry of reporting is set up in general prepetuates a lot of the problems between the two groups consumers & creditors alike - when something can be down to leash the CRAs and their methods of keeping both sides under-educated to profit and spread gossip on a regular basis, then we can have a better system in place.

Working for a credit bureau myself - I am continually amazed at the lack of education both sides have & what all the difference it could make for a better operating system to benefit both if more efforts could be invested in education.

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I see your point and it is a good one and I agree with most of what you said. I really do appreciate the information on this board especially because I am still quite young and can learn alot from older and wiser individuals in all aspects of life.

In another regard, if you have any information I can use about Wells Fargo Bank and private student loans (not backed by federal govt) and/or Aman Collection Service (I got the BBB thing) please let me know.

thanks

jewel

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I see your point but what about people who have been victims of lenders so crooked they should be behind bars? We were driven into BK because it was the only way we could get rid of them before they drove us into the ground. Numerous states have launched investigations, many violations, some absolutely unbelievable were found, and these piddling little settlements were made.

We did not misuse credit, we were robbed as much as if a gun was put to our heads. Prison is too good for these crooks. One was responsible for 40% of foreclosures in Chicago alone. 40%!!!! Some lenders goals are to seek out likely victims with a view to getting their homes, believe me. I belong to consumer watchdog groups and I could tell stories that would make you cringe.

Of course, none of that is figured in that wonderful FICO score. Over 24 years of good to excellent credit ruined in less then 1 1/2 years. There is no humanity in the credit business anymore.

Not mad at you, mad at the system. I'm sure you can understand my feelings. I appreciate you sharing your experiences and viewpoint with us.

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Them are definitely the bad ones preying on consumers - also racked up in this group are debt settlement companies & credit counseling companies. Pretending that they want to help people get back on their feet & all the while robbing them.

It is just going to take more effort from the watch dog groups as you say, and actively reporting these companies, and engaging the help of local officals and other organizations to uncover these bottom feeders (as ladynred like to call them). lol

Some states are fighting harder then others, and they are the ones that should take up the task with their knowledge to make their state laws into governmnet laws (to educate the ones which don't know from experience on these things).

I have ultimate faith, that good things can happen when the right people can be involved in such matter. Of course that don't mean to go out and rob a senator just to get your point across to the right person. lol

Ok, have a good Friday All :-)

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