This is my first post! Looking forward to learning, sharing, and becoming an advocate for those who have been destroyed by inaccuracies and DTP that have caused identity profiling,.Data that is bought, sold, and shared throughout many CRA's if I data is accurate can be helpful however if the data is not accurate the impact has a snowball effect that has the potential to destroy consumers. The horror stories that have cost us thousands of dollars in banking fees and return checks by their software that is designed to prey on consumers who have high risk evaluation. The bonus and commissions that fund bankers and employees is criminal. I pray for the day that I can verify the wrongs that have been inflicted unfairly because of the data and DTP that has followed me wherever bank I go. The deceptivenessliterally takes my breath away and causes panic attacks. To be labelled a hot check writer because a bank feels their powerful enough to abuse consumers because of their BBP and profiling the consumer is slander in the most cruel form. I know banking because I worked for one prior to data and software. We did not use consumers to cause them harm after long term layoffs. For twenty years., unknown to the data that was being used and the inaccuracies of the data began to evaluate our credit as high risk. Lenders and landlords, banks, insurers, and other CRA's who use this data to offer products and services that are deceptive, unfair, and designed to fail consumers, cost hundreds of thousands of dollars over a twenty year period. Banks want consumers direct deposit but then they take the deposit and use it to create fees and blame the consumer for not spending their money wisely or for not paying attention if the consumer is in their system. Bank of America is the only bank that did the ethical thing and returned the three thousand in fees. Wells Fargo has found a way to creatively manipulate our account and has returned every check I have written outside of their bank. Wood forest bank should be closed indefinitely and Chase is as cruel as the others. To cause consumers to not be able to cover rent or to share information that is created by their DTP should have to pay for the damages. Eventually as in my case it causes losses and keeps me from getting a job. I am speaking up and out because it is time for the truth to be exposed. As of this Friday we will be without a home because of the injustices caused by the systematically flawed CRA's. After discovering our credit reports have been outsourced to foreign countries that do not have the same laws that the United States has. It seems that our identities have been sold out to foreign investors as well as investors in the United States that do not have ethics nor do they have high risk consumers best interest in mind. Creditors that are unwilling to treat high risk consumers fair use fico scores and credit history to decide how the consumer accounts will be treated. If consumers that have inaccuracies, and are high risk it is likely the creditor will manipulate payments and cause consumer accounts to go into default. Then their accounts are sold to debt buyer investors, after the creditor has fulfilled their commitment to the contract but because of the BBP that are used the accounts are forced into default and consumer who is labelled high risk should have built their credit score up and had the right to rebuild but instead faces added years to their ongoing troubles. The downward spiral in our case was so severe that while renting an apartment a landlord evicted us and while on an appeal removed our property and by doing so caused ruin and losses, exposed our identities and documents that have slandered and ruined our lives. When years of data that is not accurate or that lenders have treated consumers with malice the losses will be impossible to correct. As a country and a citizen we have to all pay attention to these violations that are inhumane. To write this is not easy because of the fear of more retaliation however as in our case we make enough money but cannot rent, or purchase a home. All of the thirty years of savings and retirements have been used on fees, fines, high interest, job layoffs, healthcare that insurances would not cover and the list goes on and on. When a consumer is not on any type of financial assistance, vouchers, but is middle class workers they are vulnerable to these attacks because they are left unprotected. When the consumer is not high risk but has been unfairly rated for twenty years the consequences are overwhelming and eventually costs consumers to lose everything including th ability to rent a property. This ruin is so devastating that it is unspeakable and overwhelming because when consumers are not able to afford an attorney or they are unaware of the third party interference until total destruction has been inflicted; it is at best overwhelming . Please understand that mistakes and debts that we owe will be paid or they are paid. How can consumers who are misjudged,displaced and unfairly evaluated get out of the abyss of these flawed systems? Disputes and letters have failed to correct the violations and inaccuracies.
I think it is about time that steps were taken to protect consumers, it needs to go a little more in depth to protect consumers in their right to know their real credit score at any given time, I have been given proprietary scores ranging from 500 to 780, within a months time.. Also consumers should have the right to seek credit without the lenders thinking they are desperate , especially when someone is trying to rebuild credit, it seems that credit bureaus love to second guess everyone, let's take high utilization rate for instance, around Christmas isn't the average consumers utilization rate more likely to rise during this time of year, the credit bureaus lead a consumer in a maze, for instance you don't have enough credit, wait a minute now you have too much credit, the credit system is geared toward the lender not the consumer I think it is all a big racquet,just my opinion
This ACT should also have a provision that eliminates all the different FICO scoring models. Instead of the mortgage lenders score and the auto lenders score models. THERE should be only ONE FICO score per bureau.
Dear Barry, I don't know if the Dodd Frank Act is being used in Georgia. It didn't say whether it governs car dealerships and their abusive practices when applying for a car loan. Mike Patton Chrysler just ran a fast one on me by running a car application to 8 different financial institutions, they even submitted an
application as a new member to Kinetic Credit Union without my consent. I feel Mike Patton Chrysler's abusive practices need to be checked. My credit score now is 613. So I feel was taken the advantage of by Mike Patton and his abusive practices.
The way America elects our government officials leaves the true will of the voters somewhat hanging off the cliff. As an example, in the case of Hillary who is ahead of Bernie Sanders at the moment what happens when Democratic National Committe realizes she may lose to Donal Trump. Does the DNC contact un-committed delegates and explain the urgency to swing their votes towawrd Sanders? Were this to occur, I believe it may, there is a very good chance the publics popular vote is rendered meaningless and Bernie Sanders wins the nomination at convention.
Another observation about candidates, those who begin acquiring voters first seem to be the ones who eventually come out ahead on popular vote in the primaries. This is true of Trump and of Clinton during our present election cycle. Effectively quashing any chance of less known candidates gaining ground over those who claimed the early mass of voters. Gaining voter mass was easy in Trumps situation, voters are angry and Trump did nothing more than support and encourage the anger, he validated it.
I know we need more controll over the oligarcy in this nation because they do run much of the government we aspire to have on the citizens side. The only way I can see is what has been suggested, have government do as much as possible to tear down access of the wealthy to control politics and politicians. This includes tearing down the giants in the financial field by splitting them up to incresingly smaller and smaller entities.
Who we support is important but who we support in the early days of candidacy carries the weight through primaries. I hope our country can find a way to eliminate the effect of early candidate support, especially when we have candidates like Sanders who has been increasingly gaining on Clinton. If the nation held a second round primary runoff between the top 2 or 3 candidates after the first round we may very well see a far different outcome in who is on top come convention time and there would be far less incentive for uncommitted delegates to continue as they do today.
If any of us wants to see the national financial monster under better control we must first tame our national government monster. Then we can realisticly seek better personal representation from government that is fair to both citizens and the finance indusrty that we allow to help us reach our American dreams.
Lastly my apology for not directly adressing Dodd Frank. Please have no doubt that what I have addressed has the implication of improving upon Dodd Frank in way we have yet to dream of.
To those who are complaining about interchange fees, don't.
If you're a small business owner, you work for the customer. The card companies work for the customer. The credit card companies don't work for you as a small business owner. Limiting any interchange fee is anti-capitalist and anti-competitive. Raise your prices if you want to accept credit cards or go out of business and get a job where you work for someone instead.... That's how capitalism works.
Look at what has happened as a result of debit interchange fee caps... Free checking has disappeared for consumers at most banks. Banks have also played with monthly debit card fees for consumers, and debit card rewards programs have disappeared. Do you really think the banks are eating that cost? Nope.
Personally I'd like to never see credit card interchange fees capped.. Because the rewards programs would stink or not exist, and all of the benefits would go away.
The whole point of the Frank-Dodd act is supposed to help the consumer, not the business. I wish people would understand it's not all about the business and that over 99% of the population isn't a business owner.
This legislation focuses on lending practices that have already broken, which is fine, but let's also focus on what's about to break as well. Pass a bill that does not allow the federal government to back student loans anymore. Anyone and everyone is getting approved for massive sums of money, and countless people will default on those loans, should the government really be playing that game? Millions of young adults will dig themselves into a hole that they don't even understand based on this government "guarantee". If the fed wants to keep doing this, then get some serious financial education requirements in place prior to allowing these kids to borrow any money that's leveraged against tax money.