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Moderator Emeritus
masdeocho
Posts: 2,050
Registered: ‎04-17-2007
0

Re: Holding Credit Bureaus ACCOUNTABLE!!

It doesn't do much good to complain to congressmen either.  The banking lobby is extremely powerful.  And who sees the emails?  Some kid doing a summer internship.
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Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Frequent Contributor
sunnyday
Posts: 265
Registered: ‎06-12-2007
0

Re: Holding Credit Bureaus ACCOUNTABLE!!

What about the AG?
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007
0

Re: Holding Credit Bureaus ACCOUNTABLE!!

What really needs to happen is that quality control over credit report data needs to be enforced at the credit reporting agency level. In other words, before a CRA can legally accept an item for listing on your credit report, a CA or other creditor should have to furnish a complete record of the debt in question: the original instrument incurring the debt, and the full payment history. This data "packet" should have to be signed by a representative of the CA authorized to handle these matters (I also think bill collectors should have to be licensed--I wouldn't make the process extremely Byzantine or arduous, but I think 10 hours of training on procedures and consumer rights isn't too much to ask).

If an error then appears on a CRA, this means one of three things almost certainly happened:

1) A bogus creditor supplied false documents to the CA, which means the CA should be required to pick up the phone and call the district attorney's office, and fraud charges should be filed against the creditor (in other words, anyone knowingly supplying false information to a CA for the purposes of damaging a consumer's credit or getting payment from a consumer has committed a felony and should spend some time in the pokey).

2) The CA falsified the documents supplied to the CRA, in which case the CA should be required to take disciplinary action against the collector who signed off on the data, as well as pay a fine of $100 or 10% of the collection listed, whichever is greater. Such occurrences should be rare, and patterns with a particular CA should result in much larger fines and a revocation of the CAs license to collect debts.

3) The CRA agency placed an item on the consumer's report in error, in which case it should pay a $1000 fine.

In any event, a CRA should have five business days to correct a consumer's CR once the error has been pointed out.

If this was done, I guarantee you the error rate on CRs would plummet like a stone.
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in a credit-scoring postnuclear Stone Age...
Established Contributor
beach123
Posts: 570
Registered: ‎05-02-2007
0

Re: Holding Credit Bureaus ACCOUNTABLE!!

I'm ready RIGHT NOW - to file with the FTC and AG - let me know and I'll do it tonight for all (3)!!!
 
Email a PM if the email message doesn't work - every time I ask to be notified I don't receive anything!
 
Thanks!!!!  LET'S GO!
Frequent Contributor
sunnyday
Posts: 265
Registered: ‎06-12-2007
0

Re: Holding Credit Bureaus ACCOUNTABLE!!

AMEN
Frequent Contributor
Lori344
Posts: 313
Registered: ‎04-01-2007
0

Re: Holding Credit Bureaus ACCOUNTABLE!!



beach123 wrote:
I'm ready RIGHT NOW - to file with the FTC and AG - let me know and I'll do it tonight for all (3)!!!
 
Email a PM if the email message doesn't work - every time I ask to be notified I don't receive anything!
 
Thanks!!!!  LET'S GO!



I'm in.... are we serious here? EX needs a dose of reality. The conduct business as if they are above the law! :smileymad:
Regular Contributor
Zen
Posts: 123
Registered: ‎06-04-2007
0

Re: Holding Credit Bureaus ACCOUNTABLE!!

Rep. Barney Frank, chairman of the House Finance Committee, has been all over this.
 
E-mail, or call his office or staff. He called the credit card companies on the carpet a few months ago..as well as subprime lenders.
 
He is awesome.
 
It takes about 200 calls, e-mails, and faxes before a Washington lawmaker will take notice of an issue.
 
(I'm an insider...so I know...)
ZenYoga
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007
0

Re: Holding Credit Bureaus ACCOUNTABLE!!

I'd send him my proposal if I thought anyone in D.C. actually read letters or emails from us serfs.
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in a credit-scoring postnuclear Stone Age...
Frequent Contributor
Lori344
Posts: 313
Registered: ‎04-01-2007
0

Re: Holding Credit Bureaus ACCOUNTABLE!!



TheNewWorldMan wrote:
I'd send him my proposal if I thought anyone in D.C. actually read letters or emails from us serfs.

 

I think they are listening. Check out this, watch or listen to the archived video when you get a chance... it's a start.


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