We all know that it takes less then 24 hours for bad info to show up on a CR, and up to 90 days for it to come off. I've ranted about this before and right now I'm feeling it pretty poignantly.
My Bro took out a personal loan and they put it on both our credit reports (had this problem in the past). Called both the creditor (BOA) and the CRA (experian). BOA was very nice and said they would rush our request to have the TL removed from my CR ASAP. However they then added the clause "It may take 60-90 days for the CRA to respond." I was about to flip when I heard that. Yes I've heard it before, but it just really pissed me off this time. There is no reason it should take 60-90 days for a CR to update. It's all electronic, they should be able to do it instantly. Why can't they just be straight up with us when they give us that 60-90 days line? Why can't they just say why they want it to take 60-90 days?
Typical Lie They tell us: "It will take 60-90 days for the CRA's to update"
Truth: "Since it's likely that the average consumer only checks their credit report when they are actually thinking about obtaining credit, CRA's need to hold out on you at least 60-90 days in order that we can charge you a higher interest rate by suppressing your score, because it's liklely you cannot wait 60-90 days to obtain the goods you were checking your report to see if you could obtain in the first place."
"Additionally, you should know that Consumer Lending is Obscenely Profitable, and the CRA's are our (the creditors) best asset to try and get the highest interest rate out of you as possible." Hurry disputes along? What incentive do they have to do that? Are you kidding? If we did that we would have significantly less chance of getting away with highway robbery! Seriously--we're in this business to make PROFIT--and the more ways we can bleed needless money out of you the better." OH you want to be on top of you credit? Why don't you pay for a credit monitoring service that charges about $15 a month run by US--Yes Us--the very people who are screwing you over in the first place--so even if you're not paying more in interest, it's nice to know we can make money off of you by making you paranoid and thinking you need to monitor your credit every month.
The CRA's are such F$5king crooks.
