New credit laws you'd like to see enacted...

[Anonymous]

Tuscani,

You mind chiming in on this???

What's your opinion?

[lQQkuP]

Agree with the unlimited access to our own personal credit reports, for sure. 

Another item I'd like to see - a paid in full past collection account should have an imediate positive effect on your FICO score (certainly should not cause your score to drop!!)  Isn't paying those old accounts an indicator of ability and willingness to pay off debt - which is precisely an element of what FICO scores are intended for?  Don't understand the rationale of this purgatory...

Does consumer-based input ever factor in to FICO scoring changes, or is it typically industry-based?

[Anonymous]

Paying off a debit doesn't allow them to collect the interest. They want you to charge something, then responsibly pay the interest. All the while maintaining a util. of 1-9%. If you can do this without ever missing a payment, ever being late or ever asking for credit in the first place, you can have all the credit in the world!

[lQQkuP]

I now- owing $$$$$$$$ and shifting debt makes the world go around.  Problem is, the politicians who we rely on to enact improvements on our bahalf are the best at it.

[Anonymous]

I'm chiming in:

1) All items that are not reported on your credit report regularly, i.e actual debt (cc, mort, install, sudent loans etc) should be deleted from your credit report when they are settled.

So, all those unpaid utilities, medical collections, etc. once you pay them.....AUTOMATIC DELETION!! They have nothing to do with anything.  And if they can't report that you pay the **bleep** cell phone bill every month, they ought not be able to report that you owed them back in 2003, but evenutally paid them, for the NEXT 7 YEARS!!!

AND

2) For every 12 months of on-time payments, your oldest late payment should fall off of that account.

My sister told me they tried to jack up her car insurance because they pulled her report and saw she was 30 days late on a credit card 4 years ago!!! BOLLUCKS!!

[Anonymous]

I have already sent letters.Everyone in Congress HATES phone calls,email or letters. If you paid attention last week, the phone lines to the senate CRASHED because of all the calls!!!

Send call or write or email your reps in the senate & the house about this.Also go to the commision on Banking.Send to Chris Dobbs (he is chairman) (Senate) and send again if one of your reps are on that comm. also. The only way to be heard is to bombard them all the time. I person or 1 letter is not enough.

Chris is also my Senator & making a run for Pres. So I feel that he needs to a wake up call that he has a job to do NOW. I call once a week I write email to his home office & to the addy for commision. I write a letter once a week & mail to his DC office, I always put my name addy and phone #. That way it doesn't get dumped. Put everything that you feel is wrong & how to correct it. KEEP the mail rolling!!!

[Anonymous]

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trinigal wrote:

I'm chiming in:

1) All items that are not reported on your credit report regularly, i.e actual debt (cc, mort, install, sudent loans etc) should be deleted from your credit report when they are settled.

So, all those unpaid utilities, medical collections, etc. once you pay them.....AUTOMATIC DELETION!! They have nothing to do with anything.  And if they can't report that you pay the **bleep** cell phone bill every month, they ought not be able to report that you owed them back in 2003, but evenutally paid them, for the NEXT 7 YEARS!!!

AND

2) For every 12 months of on-time payments, your oldest late payment should fall off of that account.

My sister told me they tried to jack up her car insurance because they pulled her report and saw she was 30 days late on a credit card 4 years ago!!! BOLLUCKS!!

---

I apologize for the "bleep" everyone, could have sworn I typed something else.  My bad!

[Tuscani]

I am chiming in late.. but I pretty much agree with all of the suggestions already made. My only objection is free FICO as that could impact my job.

[Anonymous]

OK, so we'll give up the free FICO scores, but we ain't givin' up anything else. Now that we've got some new laws to push, what do we do next?

Anybody out there volunteer to spearhead this and be a pain in the side of the Senate and House banking committees?

[jenkins]

give me numbers and addresses and ill get on their nerves