orgaknight

New Legislation to Propose

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I wonder if any of you have thought of new legislation to propose to balance the scales between consumer and business friendly practice? Here are some law changes I would propose:

1. Change the seven year rule to a more reasonable five for listing of negatives on a bureau report.

2. Restrict, by law, the number of consumer credit reporting agencies that may collect and sell your information. (the proliferation of information collecting agencies is getting way out of hand and out of control).

3. Restrict the number of tradelines to one listing per account to prevent multiple negative listings for the same account.

4. Eliminate collection agencies and force original creditors to collect their own debt or charge it off...end of story or...

5. ...If the original creditor is allowed to sell the account to a collection agency, the debtor should also be allowed to transfer their indebtedness. In other words what is good for the goose should be good for the gander. For the law to be fair, debtors should be allowed to transfer their indebtedness.

6. Law to sunset debt after state statute of limitations expires, rendering debt collection afterwards as an illegal activity...an end to zombie debt collection practices.

8. Law to require all credit reporting agencies to inform consumers of the estimated date of removal for each tradeline (as TransUnion does).

9. Students loans should be listed as one tradeline for all loans from the same lender.

Any other suggestions?

1) No

2) No

3) Already done

4) No

5) Stop being ridiculous

6) State issue, I agree

7) You missed one

8) They do

9) They don't do this?

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Experian lists fall of dates on both mine and my GFs report.

I have a federal student loan. By their data, I technically had 4 seperate student loan accounts. I have 1 TL with the consolidated amount. Maybe it's different for private lenders I dunno.

Yes, you are being ridiculous with #5.

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And technically debtors can assign the debt to others. Usually there are contract provisions preventing it without the creditors say so. Also the statute of Frauds governs and such a transfer is required to be in writing.

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The law already requires that the furnisher report the DOFD. The law also requires that the CRA show you the contents of your report. They just choose not to follow it, and the FTC chooses not to enforce it. I don't know what you think another law will do.

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Beg to differ and you stand corrected, but the date of status is the last update from the creditor.

X

Experian does not report when the negative listing will be removed,

Yes it does, I just chose a positive TL to show that Experian does report fall off dates.

I hate to break this to you, but the date of status is a DOLA.

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You may be confusing Experian with TransUnion. I just pasted an actual Experian report tradeline and no where on it does it provide that information.

Yes I am confusing the two and I didn't just look at an Experian report just now for that info. Must be the LSD that the black helicopters dumped on me as they flew by.

TU has been reporting fall off dates for a while.

EXP has very recently started reporting them. Within the last 6-8 months perhaps.

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TU has been reporting fall off dates for a while.

EXP has very recently started reporting them. Within the last 6-8 months perhaps.

To be fair, my EXP reports do not say that. They used to, but don't any more.

TU does, and EQ has a spot that reads DOFD, but on my only negative (a paid collection from 10/2000) that field is blank.

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