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Not reporting credit limits illegal?


FishOn
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I came across this in the FCRA and was wondering if Cap1's reporting a $0 limit on CC's would fall under this category:

§ 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2]

(a) Duty of Furnishers of Information to Provide Accurate Information

(1) Prohibition

(A) Reporting information with actual knowledge of errors. A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate.

Maybe I should write them a letter asking them to explain themselves. Any thoughts on what the effect would be if I included that question in a goowdwill letter asking for removal of a 30 day late in Dec?

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There was an article recently (I can't remember where) that was discussing how sub-prime lenders and card companies are deliberately not reporting credit limits, positive payment history and other pertinent information in an effort to keep customers.

The reasoning is that by skewing your score you will not get offers from prime lenders with better terms. Congress apparently has noticed this shady form of repressing credit scores and there is legislation pending that will require furnishers to report this information. That may be good or bad depending on your point of view.

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Probably not very effective.

More effective would be sending a complaint the the CRA that the furnisher is not reporting all the data. The CRA's life-blood is data. If the furnisher is holding back in violation of their contract witht he CRA, then they may loose their reporting contract. That might be effective.

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