I would like to see some drastic changes also. It is ludicrous for people to be penalized a full seven years after a last payment/activity on an account. I believe that if someone pays off a debt that the consumer should have the OPTION of having it remain on their credit or not.
As long as the debt is paid, then why do we have to suffer with negative listings for up to seven and a half years?
The whole system is sooo stupid! I have two collections that I would gladly pay, even in full, and even to the blood sucking CA IF they would remove them off my reports forever. Criminals are penalized less than the average citizen when it comes to credit bureaus.
I think that CA and OC should, by law, not be allowed to refuse PFD offers if they are offering FULL payment, or perhaps 50% after SOL. After all, the OC has benefited by being able to write the loss off of their taxes. And once the PFD is forceably accepted, the account should by law be taken permanently off all bureau reports if this is requested by the consumer.
It should also be illegal and penalized with a fine, all bureau reporting of inaccurate data such as incorrect current status (saying pays as agreed but five thirty day lates in the past), or claiming an account is open and 120 plus days late when it is a collection account. I know there is small claims court, but that takes time. And time is of the essence when someone's credit is being destroyed because of unscrupulous actions of creditors. There just is no consumer watchdog over these bureaus and creditors. And why should there be? It behooves the creditors and bureaus to keep our scores as low as possible.
When it costs me thousands to pay higher interest on loans, who benefits?
