I just need to vent today..

[humdinger]

I just need to vent today. I have gotten so angry since finding out that a private industry ( the CRA's ) have so much control over various facets of my life! The CRA's have absolutely no incentive to report accurate information, in my case they have actually inserted information that doesn't not come from the OC's to make my reports look worse. An OC has not incentive to co-operate with us if an account is "bad". The bulk of their profits are from the credit industry or banks. What the banks get in return is the ability to charge you higher rates, because your "scores" are bad. The repercussions for violating any laws we have are meager, 'up to 1000.00' . In many instances a consumer who can't comprehend all the laws and acts needs a lawyer, and for most that is not possible due to the cost.

Just the fact that in order to report good information to a CRA you must have 100 accounts, but if you have a bad acct you only need 1 acct to report, it just shows just how lopsided this system is.

A CRA can simply decide to delete your good accounts and then you are left begging a company you no longer do business with to begin reporting again. The OC's don't want to bother, I had one tell me recently that the good account was over 7 years old, that was why they can't report it. Some of us just don't use alot of credit, those of us who have been prudent about utilizing credit are penalized. Another thing that happened is I wrote to Sallie Mae asking them to report to TU and EXP, they agreed to do this for me, yet TU and EXP refuse to report the information.

HR 2622 isn't the greatest bill but at least everyone will get one free report, it may wake up the American people once they see what is in their reports.

Private industry cannot be objective about the reporting of such important information. The FTC does nothing more than compile complaints, what We really need is a federal agency to ACT on our behalf!

Julie

[edubb007]

Well said! True and scary at the same time! It is an area where some board needs to keep tabs on the CRA's to ensure consistancy across the board. It also needs competant employees to understand the FCRA and other statutes that are supposed to protect consumers from creditors soliciting false information. Basically the CRA's are strong arming the industry between the three major ones. See you got me started! Time to go...

[humdinger]

bumping for night crew

[Pale Rider]

§ 602. Congressional findings and statement of purpose [15 U.S.C. § 1681]

(a) Accuracy and fairness of credit reporting. The Congress makes the following findings:

(1) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system.

(2) An elaborate mechanism has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers.

(3) Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers.

(4) There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer's right to privacy.

( Reasonable procedures. It is the purpose of this title to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information in accordance with the requirements of this title.

Just the fact that in order to report good information to a CRA you must have 100 accounts, but if you have a bad acct you only need 1 acct to report, it just shows just how lopsided this system is.

My opinion is if a company refuses to report good tradelines of consumers, they should not be allowed to report bad tradelines. They should be forced to be "fair and balanced" as Fox news likes to say. The FCRA says the credit system is dependent on fair and accurate reporting, but they discriminate against furnishers because they are, IMO, not profitable. I wish someone had the resources to challenge them, maybe a class action suit.

A CRA can simply decide to delete your good accounts and then you are left begging a company you no longer do business with to begin reporting again.

Then they penalize your score for length of credit history after they delete good tradelines.

The FTC does nothing more than compile complaints, what We really need is a federal agency to ACT on our behalf!

It bothers me that the FTC is in charge of overseeing the FCRA and FDCPA but their opinion means nothing. They sometimes have the disclaimer at the bottm of the opinion letters ...

The views expressed in this letter represent an informal staff opinion and are not binding on the Commission.

[kb9tbq]

Just the fact that in order to report good information to a CRA you must have 100 accounts, but if you have a bad acct you only need 1 acct to report, it just shows just how lopsided this system is.

Some cases a creditor can not report unless they have accumilated 500 accounts first... then they have to meet format requirements to be allowed to continue reporting. And I don't mean accuracy of data... just accuracy of the formating part.

HR 2622 isn't the greatest bill but at least everyone will get one free report, it may wake up the American people once they see what is in their reports.

Another good thing I seen is that they are finally going to address the problem with TransUnion being allowed to report complete account numbers! And require them to obscure them for consumer protection!

I actually have been thinking on this part for some time... instead of the FTC (solely on federal level) what we need is a orgainization per state / non profit that helps consumers to address state related & federally related credit issues.

[Watsonsbag]

The entire system is geared to allow lenders to charge the highest rates possible on the flimsiest excuses. They hide under the statement that it provides a means for lenders to determine creditworthiness.

It's all bs and a scam. Just ask someone who had a credit card for 12 years and was late one day because of a vacation--they took his rate from 9% to 21%!

The FTC is a joke. They are a huge logging system that gives the consumer the idea that the government really cares and will do something. If we don't end up suing on our own, nothing happens.

Of course, the predatory lenders and the pushy credit card companies that keep raising limits and offering cards to people already saddled with debt, don't get punished in the least. And pushing credit on anybody they can. I can remember seeing booths at a college registration that were set up by credit card companies trolling for student business. And see that lovely comforter or set of cheap pots and pans? It can be yours if you just sign up for our department store card--how many have seen this at the entrance to many stores?

All this can go on while we as consumers come off looking like BAD PEOPLE because we got caught in a credit mess.

Again I ask, what makes these lenders think you can more easily pay a loan at 21% then you can at 9%. If it wasn't so devastating to our lives, it would be funny.

My brother says banks own our lives; we are not free. You MUST have credit to get anything, even if you don't believe in using credit. The scores rule over your life, your home, your car--every aspect of your lives. This is not a free country but an illusion of one.

As you can tell, I am furious also.