Reply
New Visitor
Posts: 1
Registered: ‎07-05-2007
0

Time for some new laws.

It is time for some new laws. The following should be enacted: 1: Substantial penalties for any and all of the shenanigans that people here have had pulled on them. Penalties in the hundreds of thousands to millions of dollars range. It is time to put some creditors, CAs, and other financial institutions out of business in punishment for their actions. 2: Mandatory rapid response requirements for positive reports to credit bureaus and favorable adjustments to credit scores. They're spit-spot on recording any bad action but do nothing or next to nothing on timeliness for dealing with positive reports. 3: Reduce the minimum time credit bureaus have to respond to disputes. If they do not respond to a dispute from a consumer/debtor in a RAPID and SUBSTANTIVE manner, determined by law, not the bureaus, then the dispute MUST be accepted by the bureau. 4: Mandated open calculation laws on how scores are done. If a bureau publishes a score, it must divulge, in an easily accessible and public manner, EXACTLY how such scores are calculated, pursuant penalties of prison time and millions of dollars (or billions of dollars) in fines for not publishing their calculation method.
Established Contributor
Posts: 578
Registered: ‎06-18-2007
0

Re: Time for some new laws.



UnderTheKnife wrote:
 The following should be enacted: 1: Substantial penalties for any and all of the shenanigans that people here have had pulled on them. Penalties in the hundreds of thousands to millions of dollars range.
I get the rest of your post, but why this part?  I say subastantial REWARDS!!!
Frequent Contributor
Posts: 342
Registered: ‎06-16-2007
0

Re: Time for some new laws.

I'd much rather see reporting times changed. It is ridiculous for a late payment to show up on your credit report for 7 YEARS! I believe that it should be a system where if you don't have another late for 2 years it drops off, if you do have another late the time just continues to rest going by your last late payment with no late payment staying on for longer then 5 years.
Established Contributor
Posts: 578
Registered: ‎06-18-2007
0

Re: Time for some new laws.



db23 wrote:
I'd much rather see reporting times changed. It is ridiculous for a late payment to show up on your credit report for 7 YEARS! I believe that it should be a system where if you don't have another late for 2 years it drops off, if you do have another late the time just continues to rest going by your last late payment with no late payment staying on for longer then 5 years.


Right On!!!
 
If that were the case I'd be one HAPPY gal!!!  So from your lips (fingers in this case) to the law makers'/FICO gods' ears!!
Established Contributor
Posts: 858
Registered: ‎06-26-2007
0

Re: Time for some new laws.

I totally agree with you Undertheknife..   I don't think that God forbid if I had a late payment that I should be penalized for 7 years for each late, who knows what may have come up.  I could have lost my job, been in the hospital and had no one to make my payments for me, could have been homeless, they don't know.  I say 1 year penalty and additional 6 months for each late after that.  At the rate the Fico system is set up, you will never have a clean record.  Just think if you had 4 lates at different times, different years, you get stuck with lates showing for what a total of 28 years?  This is ridiculous.
 
Eve
Established Contributor
Posts: 570
Registered: ‎05-02-2007
0

Re: Time for some new laws.

I agree - you are SPOT-ON - you go!  We need to hit all 50 states though - TX seems to have some pretty tough laws and I wish today I was in TX:smileyhappy: because the firm I went up against has over 40 lawsuits against them in TX for all the crud they are pulling!
 
Let us know if you ever need any backup!
Established Member
Posts: 12
Registered: ‎05-25-2007
0

Re: Time for some new laws.

This topic is near and dear to my heart. I recently wrote an article for my business clients and the gist of the article is that a person could apply for credit, charge up a bunch of debt, sell the "goods" on e-bay,  commit a(nother) crime, go to jail for 7 to 10 years and come out of jail just in time for the all the charges to drop off their reports.
 
In essence, this person would have better credit than most people who are law-abiding citizens, trying desperately to clear up their credit mishaps. Granted they would probably have to apply for a secured card  to reactivate their revolving credit, but heck they would be in better shape credit-wise without ever filing Bankruptcy.
 
2-3 years is sufficient to teach consumers a lesson about the importance of credit being a privilege.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.