Congress to ACT against Credit Reporting agencies???

[Anonymous]

I've seen different articles/blogs saying Congress will cause credit reporting agencies to either radically change their score/reporting methods OR "clear" negative reports that are preventing the economy from recovery....

[llecs]

I hope that never happens. If there's a mandate to give everyone a clean slate, our economy will tank. Clearing baddies from everyone's CR doesn't automatically change their behavior or habits that got them there in the first place.

[Anonymous]

Can you post some of the places where you've read this at?

[Anonymous]

Well being a person who has never had a credit card or other financial entanglements, I would like to see some reform! My report has always been damaged by B.S.  i.e. blockbuster> had a tl for 12$ sad ..... some how utility companys always find ways to sell exagerated debt to sketchy CA'S and so on. Yes i agree folks who blatently went into debt with credit cards and over priced homes need to learn from there mistakes.... but for some who have not even had a chance to start off with a clean slate  need a break!!

[Anonymous]

Here is the most recent example of why it needs reform.

sliced my finger opening Xmas presents....

go to hospital get treated...

go to cashier to pay for treatment...

after looking at our finances we are informed we only had to pay 81.00$ we pay it..... 

I go back to louisiana (from new home in N.C.) to  rebuild after katrina....

7-8 months later come back to N.C. pull credit report....

not only is the 81.00 we paid on there but another 397.00$ TL is there as well.....

call the hospital why no letters?????????

they have the wrong address...

cool I owe it ill pay it.... but NO DELETION!!!!!

Ok now I have to spend hours of time researching, writing letters and running to the P.O. to TRY and fix it. Not to mention the 35$-40$ spent on cmrrr letters. For what because of an 8$ an hour cashier's misinformation I now have to pay 27% on a auto loan, will be months before we are approved to purchsase a home, if not years..and the list can go on forever.

[2wheel]

ive been one to think if you dont report then you shouldnt report if bad

example... cable companies I pay the bill on time every month for my cable services but get no boost for my good payment history with them. but if I dont pay 1 month I get a letter for my account to be put for collections that would hurt my credit report. CA Reporting should come with heavy fines for improper reporting I think.

I also think that if you pay your collection off it should be removed then. Then some people might pay there collections and not wait for them to drop. They would take DV Letters more seriously due to the heavy fines imposed to them

Only my take on it ....

[Anonymous]

Yea what 2 wheel said too!!

here is a related link

 http://online.wsj.com/article/SB123617143365428791.html?mod=googlenews_wsj

[corkyduckfan]

I completely agree with the 2 of you.  It is complete and utter malarky that when you make a mistake(let's just agree that this happens to all) it is reported immediately and can really damage your report long term.  Now, when you right a wrong or mistake it does not have an immediate positive impact on your score and in some cases can even lower your score.  What a crock!!  This is criminal and the value of this system has no integrity.  It is way too corporate friendly and not consumer friendly enough.  Hey, anything to keep the common low wage person down.  Just a joke.  I do not expect the system to be perfect, but it needs to be a lot better and more fair.  Enough people just don't care if it is fair or not.  Sorry for the rant.   It is just so disappointing.

[2wheel]

prime example my brother waws going to get a car this year he recenty got a collection on his report 1st one..

he went to the dealership and they offered him a sub-prime loan with a fico of 675 they said they couldnt get him approved due to the recent collection on his report but could get him approved with a sub-prime loan  ( collection was for 300 dollars) he try to pfd the collection but the CA wouldnt do it and the car lot said if he paid it it wouldnt make a diffrence on there decsion it would have to not show on it. needless to say GM lost another deal for 22k because of a CA wonder how many people go out and get credit everyday but due to some CA posting a 300 collection on there report they have to get sub-prime lending or are just smart and decide to maybe get something used or not buy.

[Anonymous]

My vote: have things report for maybe 4 years instead of 7...  I mean who is the same person at 27 that they were at 20 or 21?