Congress to ACT against Credit Reporting agencies???

[Anonymous]

My thoughts

Any items that are directly service related (i.e utilities, etc) should be excluded.  They should take a deposit and if the amount owed grows bigger than the deposit then the service is terminated.  Then, give the customer the choice to waive the deposit with the downside being that any negative balances will be shown on CR.  It is ridiculous that a utility will charge someone 2 months deposit and let their service remain on until that person owes 2-3X what their deposit was. 

Charge offs and collections should hold no more than 4 years

BK, repo, and foreclosure 7 years (these are rarely 1 time mistakes or short term failures of the consumer)

Once an item has been written off by a company, it is done.  They may hold the item on their books while collecting on it (or letting a ca collect on it), but once they write it off, it is done and should hold no more than 4 years after that. 

Debts sold off to a CA or other collection company should not be reported to CR unless the original account does not reflect the correct status of the account (i.e. sold/CO/PIF/closed/etc)

you must either fall 60 days behind or more than 30 days behind 2 times in 12 months to be reported negative (this would solve 90% of the little mistakes that people and banks make every day.)  It would take care of the things that consumers let slip (unless it happened again in 12 months) as well as give consumers a full billing cycle to catch mistakes by their lenders.

Require that all collection agencies that do report to the credit bureaus list the original account number (that would show on the original creditors section of the CR) and orginal creditor to help catch accoutns that are entered twice.  This goes back to one of the previous ones about CA not reporting an account unless it is already not showing as a debt on your account.

[2wheel]

I agree with that.. There are alot of people out there that are alot more responsible now than they were 5 years ago. Heck I even got a baddie on my report from a co-sign from ex wife on auto that I didnt put my self on title of car and couldnt do anything about it. It went back to bank And all I could do was watch... I was going to pay for it but when they told me I couldnt have the car and I would be paying for a car for her I just let it go . My bad but now I know I ever sign for anything else I am going to have my take in the matter.

5years ago I was a truck driver--- annual salary 46k

Today- own trucking company---  annual salary 156k

Things do change in 5 years

[Anonymous]

I didn't subscribe so I couldn't read the whole article, but it appears that the subject of the article is credit rating agencies (i.e., Standard and Poor).  S&P rates risks associated with bonds. 

But in case there are any feds reading these posts, I would be happy if the law just required that any information reported must be supported by full documentation of the debt.  The extent of documentation required should be spelled out in the legislation and that a failure to provide the documentation should result in the tradeline being deleted from the report.  The tradeline should only be allowed to appear on the consumer's credit report for five or seven years which would correspond to the amount of time that the negative history can be reported and the documentation must be maintained.

I don't have a problem with holding the consumer accountable, but the creditors should be held accountable as well.  We need to create accountability in all sectors of financial transactions in an effort to discourage fraud.

[Anonymous]

Even though Fico 08 , just came out & really isn't even in use yet. I wish that their would be an even newer model of Fair Isaac created & implemented immediately on an emergency basis because of the state our whole economy is in. Even the new scoring isn't going to be efficient in calculating if someone is credit worthy, when limits are being slashed hurting peoples scores etc.  Also when FICO was first created , utilities & everybody else under the sun didn't pull your credit. All these inquiries can really hurt. Cell phone, cable, apartment, these inquiries shouldn't be hard pulls or calculated in scoring. CA should not be able to list a OPEN date, cause really we didn't open anything with them. They should only be able to list the DOFD. They shouldn't be able to OPEN an account for a card that was defaulted in 02 in 2006. They should get two years to open a Collection against you or at least can't OPEN a collection that is beyond SOL. These new CA  accounts shouldn't be counted against your average age of accounts.  I don't want everyone to get a clean slate, I've worked much to hard for my credit , but times have changed & FICO needs to be more accurate & their needs to be new laws to protect us. If scores are sold to lenders they should be available to us also not to mention their needs to be new CA, & Medical & utility rules. It not fair that Banks & car dealerships & all can get all these bailouts , when we are severely punished for paying $`15 30 days late, but people need to be held accountable. It's a very good lesson learned when you are punished for your mistakes & makes you more responsible. People are being punished for things that are beyond their control.

[debtfree09]

Oh I definitely agree with this one.  I'll be 50 this year and I'm not the same person I was at 43.  Being in business for myself in the health industry where hospitals don't like to pay their bills got us into financial trouble, plus emergency surgery, caused us to file Chapter 13 bankruptcy.  I think 3-4 years is long enough to stay on the credit report.

03/10/2009:  EQ 599 TU Waiting for desputes to be resolved EX:  Never know

[JBoswell]

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@Anonymous wrote:
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?

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I totally agree. Most of the stuff hurting my credit happened when I was 18. I had NO idea about credit then, [read: was an idiot]. It's such a far cry from how boarderline OCD I am about our finances now lol.