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Regular Contributor
CreditHawk
Posts: 197
Registered: ‎06-08-2007
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New credit laws you'd like to see enacted...

I hate new laws and too much legislation, but it's time to "clean up" the credit reporting industry and perhaps that's best done with some new rules. Here's a few I'd like to see, and I want to hear from others on their ideas, too.

1. No credit report access to ANY company unless that company is willing to report your good payment record to the bureaus. That includes insurance companies, utility companies, etc.

2. Enough of this "30-60 days" crap when it comes to updating disputes or mistakes on files. In today's electronic age nearly everything can happen in an instant.

3. On-line credit report access should be unlimited and above all FREE to consumers. It cost nothing to the bureaus for us (once we're screened, authorized and approved) to monitor our reports on a daily basis if we should want to. Bureaus are making a KILLING on their "monitoring services" and frankly, it's OUR info and not theirs. Have CREDITORS (who are their actual "customers") foot the bill for reporting, corrections, etc.

Anybody else?
Regular Contributor
CreditHawk
Posts: 197
Registered: ‎06-08-2007
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Re: New credit laws you'd like to see enacted...

Here's one more: No creditor should be able to view your "inquiries"... that info is important to us as consumers, but it should mean nothing to creditors. Period.
New Contributor
billiards
Posts: 74
Registered: ‎06-27-2007
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Re: New credit laws you'd like to see enacted...

I recently found out that a mortgage that was in both my ex-wife and my names was not reported. She was the borrower. I live in Louisiana, which is a community property state. We were married at the time of the purchase. Now, even though we were married, Cap One refuses to report that it was my debit as well.
 
Now, had we defaulted, Cap One could (and probably would) get a judgement on both my ex and me!
 
How the hell is this fair?????
 
The law says the debit is OURS. The bank says the debit is HERS. Who's right?
 
DJ
I put all my bills in a hat each month and keep drawing names and paying bills until there's no money left. If you don't stop harassing me, your name won't go in the hat!
New Contributor
billiards
Posts: 74
Registered: ‎06-27-2007
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Re: New credit laws you'd like to see enacted...

Anyone else think this should be something in the agencies?
I put all my bills in a hat each month and keep drawing names and paying bills until there's no money left. If you don't stop harassing me, your name won't go in the hat!
Frequent Contributor
jenkins
Posts: 278
Registered: ‎04-29-2007
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Re: New credit laws you'd like to see enacted...

i think creditors should be required to updated monthly, i mean **bleep** if you miss one payment they report it immediately in most cases, but if your on time for months some only report once every 6 months.

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Regular Contributor
CreditHawk
Posts: 197
Registered: ‎06-08-2007
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Re: New credit laws you'd like to see enacted...

Jenkins: your suggestion is excellent. It seems like there's never rush to report anything positive, but the negative stuff seems to hit within 24 hours. I think your "new law" idea is very badly needed. Every creditor that reports to bureaus should report every month, bad AND good stuff!

Billard: your post #3 must have been meant for another thread. I'd like to keep this one focused on new laws needed to control and reign in credit bureaus and creditors.
Frequent Contributor
jenkins
Posts: 278
Registered: ‎04-29-2007
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Re: New credit laws you'd like to see enacted...

I am actaully writing this idea up and sumbitting it to my state representative its a long shot but hey its like 50 of us doing it.  50 letters a week or month for a year would get me moving on doing something. 
 
 
 
ANd the whole 7 year thing i mean ok i know i messed up but punish me for 7 years? okay 3 maybe 4 at the most.

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billiards
Posts: 74
Registered: ‎06-27-2007
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Re: New credit laws you'd like to see enacted...

If the creditors or courts can go after ME for a default, then, it should be in the reporting LAWS that I get credit for the good payments!
 
Most people here are concerned with the laws allowing them to REMOVE derogs from their report. In all actuality, that's very easy to do when compared to trying to get something ADDED to your report.
 
You don't think that when you pay your money on a JOINT mortgage that you should BY LAW receive the credit for it?
 
You don't think that that's a law that should be enacted?
I put all my bills in a hat each month and keep drawing names and paying bills until there's no money left. If you don't stop harassing me, your name won't go in the hat!
Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007
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Re: New credit laws you'd like to see enacted...

Free FICO scores  !!!!!!!!!!!!!!!!
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Frequent Contributor
jenkins
Posts: 278
Registered: ‎04-29-2007
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Re: New credit laws you'd like to see enacted...

billiards i totally agree with you man its like hey send us a letter if its a tear jerker or if you get us on a goo day or we really want to get the money we will remove it.  but oh no no no no you making payments on time every month no no no we will not report that.

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